Hermes set for worst day since 2010 as Q1 sales disappoint

Hermes International SCA

15/04/2026 09:33

**  Shares in French luxury group Hermes HRMS.PA are down around 11% after falling up to 14.2% following a first-quarter sales miss

** Deutsche Bank analysts call the miss disappointing, saying consensus earnings forecasts are "set to come down again"

** "The fears over the Hermes business model of the attractiveness of the non-leather categories will likely resurface again," DB adds

** The performance reflects "a relative slowdown, mainly attributable to exogenous factors (FX, tourist flows, geopolitics)," brokerage TP ICAP Midcap says

** But TP ICAP Midcap notes the results reflect "cyclical normalization amplified by the geopolitical shock affecting tourism, rather than a weakening of the business model"

** The shares are on track for their worst trading day since October 2010 if the losses hold; they are down 25% YTD

(Reporting by Dimitri Rhodes in Gdansk)

((dimitri.rhodes@thomsonreuters.com))