Hermès International (RMS) Q1 2026 TU earnings summary

Executive summary

• Consolidated Q1 2026 revenue reached €4.1 billion, up 6% at constant exchange rates, but down 1% at current rates due to a negative currency impact of €300 million or €290 million.

• Double-digit growth in Americas (+17%), Japan (+10%), and Europe excluding France (+10%); France and Middle East underperformed due to geopolitical issues and reduced tourism.

• Retail sales rose 7% despite a slowdown in tourist flows; wholesale activity declined, especially in the Middle East and airports.

• The company remains committed to its long-term strategy, emphasizing creativity, quality, and customer loyalty.

Financial highlights

• Q1 2026 revenue: €4.1 billion, +6% at constant FX, -1% at current FX.

• Negative currency impact of €300 million or €290 million.

• Retail sales up 7%; wholesale down 7%, mainly due to travel retail and Middle East concessionaires.

• Leather Goods and Saddlery grew 9%; Silk and Textiles up 8%; Other Hermès divisions up 7%.

• Ready-to-wear and Accessories stable; Perfume and Beauty stable; Watches down 4%.

Outlook and guidance

• Ambitious revenue growth target at constant exchange rates for 2026 remains unchanged.

• Annual growth objectives for Leather Goods and overall group maintained, with expected acceleration in coming months.

• Store expansion and renovation projects expected to contribute slightly over 1% to annual sales growth.

• Confident in long-term strategy, supported by integrated artisanal model, creative collections, and loyal clientele.