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北京时间·🕒 发布 14:48:34时区推断·⟳ 抓取 14:49:05·⚡ 决策 07-29 14:55:31 +6m26s·90.4 天前
爱马仕二季度销售增长符合预期，中东放缓由欧美日本需求抵消
爱马仕二季度按固定汇率销售额同比增长7%，但正文明确称基本符合分析师预期，缺少可交易的正向预期差。
📄 原文Financial Times↗ 原文
Hermès sales rise as luxury group weathers slowdown in Middle East
Demand for high-end handbags and silk scarves helped sales at luxury group Hermès rise in the second quarter, as demand…
不做 爱马仕（RMS.FR）
二季度销售增长符合预期，正负分项并存，未形成明确超预期财报催化或可执行同向交易边界，不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-29 · 扩散 medium · price-in 风险 medium ↗
关键理由
- 爱马仕二季度按固定汇率销售额同比增长7%，但正文明确称基本符合分析师预期，缺少可交易的正向预期差。
- 区域表现有分化：日本和美洲双位数增长、皮具部门增长10.2%，但中东仍下滑且香水美容收入下降9.5%，净方向不够单边。
- 该信号更像奢侈品龙头例行财报更新，未给出超预期指引、订单或可量化短周期传导，难以映射出同向高弹性标的。
主要风险
- 若后续完整财报或管理层电话会给出明显高于市场预期的下半年指引，需由新信号重新评估。
- 香水美容业务下滑可能压制情绪，但当前事件没有形成足够强的公司级净利空，不能反手做空。
原文全文
展开原文 · 1,276 字
Hermès sales rise as luxury group weathers slowdown in Middle East
Demand for high-end handbags and silk scarves helped sales at luxury group Hermès rise in the second quarter, as demand in Europe, the US and Japan helped offset a slowdown in the Middle East.
The Paris-listed leather goods specialist reported sales of €4.1bn in the second quarter at constant exchange rates, up 7 per cent compared with the previous year and in line with analysts’ forecasts.
All markets except the Middle East grew in the three months to the end of June, where trading has been affected by the conflict between the US and Iran. Sales in the Middle East region fell 2.4 per cent in the period, an improvement on the first quarter when sales fell 5.9 per cent.
Sales in Japan and the Americas both grew by double digits, as did sales at Hermès’s biggest division, which sells leather goods, rising 10.2 per cent in the quarter.
However, revenues from Hermès-branded perfume and beauty products fell 9.5 per cent in the second quarter, raising questions about its appeal among aspirational middle-class shoppers.
“In the first half of 2026, Hermès delivered a solid performance . . . we look to the second semester with confidence,” said executive chair Axel Dumas.
This is a developing story.
Demand for high-end handbags and silk scarves helped sales at luxury group Hermès rise in the second quarter, as demand in Europe, the US and Japan helped offset a slowdown in the Middle East.
The Paris-listed leather goods specialist reported sales of €4.1bn in the second quarter at constant exchange rates, up 7 per cent compared with the previous year and in line with analysts’ forecasts.
All markets except the Middle East grew in the three months to the end of June, where trading has been affected by the conflict between the US and Iran. Sales in the Middle East region fell 2.4 per cent in the period, an improvement on the first quarter when sales fell 5.9 per cent.
Sales in Japan and the Americas both grew by double digits, as did sales at Hermès’s biggest division, which sells leather goods, rising 10.2 per cent in the quarter.
However, revenues from Hermès-branded perfume and beauty products fell 9.5 per cent in the second quarter, raising questions about its appeal among aspirational middle-class shoppers.
“In the first half of 2026, Hermès delivered a solid performance . . . we look to the second semester with confidence,” said executive chair Axel Dumas.
This is a developing story.
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