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Caribbean Global Market Update

Hermes Rides Luxury Demand Boom, Inditex Targets Online Expansion

Author: Sarla Buch
Islandjournal.net
Last Update: 11:56 AM EDT September 12 2018


4:00 PM Frankfurt Dermapharm profit and revenues jumped on recent acquisitions. Hermes profit surged after solid growth across all business. SSE plunged after profit warning. Vapiano net loss widened.

In London trading, FTSE 100 index increased 30.42 or 0.4% to 7,303.54 and in Frankfurt the DAX index rose 12.18 to 11,982.45.

In Paris, CAC 40 index advanced 35.45 or 0.7% to 5,319.23.

Dermapharm Holding SE gained 1.6% to 28.62 after Germany-based patent-free pharmaceutical products maker said group revenues in the first-half ending in June soared 19.7% from a year ago to 280.3 million.

Net profit in the period jumped 22.9% to 67.1 million from 54.6 million in the same period a year ago period.

The generic drug-maker strong profit and revenues was driven by latest acquisitions of Strathmann and Trommsdorff.

Hermes International SCA jumped 3.6% to 552 after France-based fashion luxury goods maker reported revenues in the first-half ending in June jumped 5.2% from a year ago to 2.9 billion.

Net profit in the period surged 17% to 708 million from 605 million in the same period a year ago period.

Hermes said sales in leather goods and saddlery segment jumped 8% and sales in ready-to-wear and accessories division soared 17% and sales in silk and textiles business advanced 7%.

The luxury goods and handbag maker said operating profit in the period soared 6% to 985 million from 931 million in a year ago period and operating income jumped to 1.04 billion.

Inditex SA advanced 3.9% to 26.51 after Spain-based fashion retailers reported net sales in the first-half ending in June rose 3% from a year ago to 12 billion.

Comparable sales in the period advanced 4%.

Net profit in the period jumped 3% to 1.41 billion from 1.37 billion in the same period a year ago period.

The Zara owner said that it plans to make all brands available online worldwide by 2020.

Inditex forecasted fiscal 2018 comparable sales growth in the range of 4% to 6%.

SSE Plc plunged 7.4% to 1,158.50 pence after the U.K.-based electricity provider said operating profit in the five-months ending in August were negatively impacted by 190 million on higher than expected gas and other commodity prices.

SSE forecasted first-half profit to decline 50% to a loss of 100 million.

Vapiano SE increased 0.3% to 12.20 after Germany-based restaurants operator stated group sales in the first-half ending in June surged 14% from a year ago to 175.1 million.

Comparable sales in the period fell 0.8%.

Net loss in the period widened to 17.9 million from 14.7 million in the same period a year ago period and diluted loss per share decreased to 0.67 from 0.71.


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