Hermes goes against the tide with slight Q2 sales beat, shares rise
** Shares in Hermes HRMS.PA inch up 2.9%, breaking withthe recent luxury sell-off trend, after the Birkin bag maker slightly beat Q2 salesexpectations
** Hermes reports Q2 sales rising 13% to 3.70 bln euros ($4.01 bln) vs 12% growth seen in consensus cited by Barclays
** "For us, the main positives were the strength of Europe excl. France ... and comments on the call that QTD trading has been in line with Q2," J.P.Morgan says
** "(In Q3), we don't see any major change in what we've seen at the end of Q2" Hermes' executive chairman Axel Dumas told analysts
** JPM says this implies no Q3 downgrades, unlike what has been seen for most recent reports in the sector
** Jefferies, in a note headlined "Hermosa Hermes", also points to a more upbeat outlook than most peers, while Q2 sales hold up well, with China cluster "weighing on overall delivery, but not that much"
** "We hope the c.20% recent reduction in (Hermes') sector relative premium can provide improved share price resilience," Jefferies says
** Up to Thursday's close, Hermes shares had gained about 4.6% YTD
** They hadlost about 3.1% this week on luxury sell-off
($1 = 0.9217 euros)
Reporting by Piotr Lipinski
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