Hermès International (RMS) Q1 2025 earnings summary

Executive summary

• Consolidated revenue reached €4.1 billion in Q1 2025, up 9% at current rates and 7% at constant rates, with all regions posting growth despite a high comparative base and global uncertainties.

• Over €500 million will be distributed to employees in 2025 as profit sharing for 2024, reflecting a commitment to sharing growth.

• The outlook for 2025 remains unchanged, with confidence in the artisanal model and balanced distribution despite economic and geopolitical uncertainties.

• The exclusive distribution network continued to expand, with several store reopenings and renovations in key markets.

Financial highlights

• Q1 2025 revenue: €4,129 million, up 8.5% published and 7.2% at constant exchange rates compared to Q1 2024.

• Currency fluctuations added €49 million to revenue by end of March 2025.

• Q1 revenue outperformed Q4 2024, setting a new record.

• 2024 full-year revenue was €15,170 million, with a recurring operating income margin of 40.5%.

Outlook and guidance

• Growth ambitions remain, but guidance is for single-digit growth, not double-digit, due to caution over geopolitical and market risks.

• Profitability and margin objectives are in line with expectations, with no significant changes forecasted for the year.

• Maintains ambitious medium-term goal for revenue growth at constant exchange rates.