Hermes has reported a rise in operating profit for 2009. We read that "Hermes shares are trading on a price to earnings ratio of more than 34 times on this year's forecasts while the European luxury sector average is trading on 15-18 times."By comparison, the world's biggest luxury goods group, LVMH, reported an 8 percent drop in profit in February from recurring operations last year, on revenue down 4 percent on a like-for-like basis. Click here to read more at Reuters.
J.P. Morgan Securities has raised shares of Coach to "overweight." Analysts also predicted “the company's full-price stores could post their first positive comparable sales since the first quarter of 2008." Click here to read more.
Richemont has named Richard Lepeu as Deputy CEO, as the company seeks to strengthen its management after last year’s slump in demand for luxury goods. Click here to read more at Business Week.
Image credit: Hermes’ store in Washington, courtesy of baggagedheart.wordpress.com
