After having resisted better than its main rivals in the first quarter of 2020 (its sales had then declined by only 7.7%), Hermès was not spared the impact of the Covid-19 pandemic between April and June: Its turnover plunged 42% in the second quarter to 982 million euros. A decline similar to that of Kering (- 43.7%) and greater than that of LVMH (- 38%).
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Over the half-year as a whole, the saddler saw its operating profit fall by 53% to 535 million euros, and its net profit by 56%, to 335 million. "This unprecedented crisis, which we are still going through, allows us to test the solidity of our business model" , assures Axel Dumas, manager of Hermès. And to underline the performance consisting in having maintained an operating margin above 21%, "especially since we have preserved jobs and maintained the base salaries of employees without having recourse to exceptional public aid from the various States."
If 70% of stores
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