By Cecilia Butini

 

Hermes International SCA said Friday that net profit declined in 2020 on lower revenue, though revenue returned to growth in the second half of the year.

The French luxury-goods company posted a net profit of 1.39 billion euros for the year ($1.68 billion), down from EUR1.53 billion in 2019.

Operating income was EUR2.07 billion in 2020, down from EUR2.34 billion the year prior.

Revenue came in at EUR6.39 billion, compared with EUR6.88 billion in 2019, Hermes said.

In Asia, one of the company's strongest markets, sales grew by 14% driven by dynamic activity in Greater China, Korea and Australia, and excluding Japan, the company said.

Looking ahead, Hermes said it is difficult to assess the effects of the coronavirus pandemic. The company said it confirms an "ambitious" goal for revenue growth at constant exchange rates in the medium term.

The company said a dividend proposal of EUR4.55 a share will be made at the next general meeting on May 4.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

February 19, 2021 02:36 ET (07:36 GMT)

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