hermes birkin rose as much

Hermes Birkin International (RMS) SCA, the French maker of Birkin handbags and silk scarves, reported first- quarter sales that beat analysts’ estimates as wealthy consumers purchased more luxury watches and fragrances. Revenue increased 26 percent to 637.1 million euros ($918 million) from 507.7 million euros a year earlier, the Paris- based company said today in a statement. The average estimate of three analysts compiled by Bloomberg was 590.3 million hermes belt euros. Excluding currency swings, sales climbed 21 percent. “You can’t really ask for more,” Antoine Belge, an analyst at HSBC in Paris, said in a phone interview. He has a “neutral” recommendation on the shares. Worldwide sales of luxury goods may rise 8 percent this year, matching 2010’s pace, as demand strengthens in the U.S. and Europe and emerging-market shoppers splurge on costly handbags and other items, Bain & Co. said this month. LVMH Moet Hennessy Louis Vuitton SA (MC), which owns a 20.2 percent stake in Hermes, posted a 17 percent gain in first-quarter revenue. Hermes hermes birkin rose as much as 1.8 percent in Paris trading to the highest in almost five months. The shares were up 1.50 euros, or 0.9 percent, to 163.20 euros as of 9:18 a.m. Hermes forecasts full-year consolidated revenue growth of 8 percent to 10 percent at constant exchange rates. This “may now seem conservative in hermes shop view of the stellar start to the year,” Pierre Lamelin, an analyst at CA Cheuvreux, wrote in a research report. He rates Hermes shares “underperform.”
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