Profits in the bag for Hermes

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} French luxury goods firm Hermes has defied the global economic downturn with an increase in profits in 2008.   Hermes generated revenues of Ôé¼1.76 billion last year, up 8.6 percent from 2007, and returned net profits of Ôé¼290 million ($395 million; ┬ú273 million), higher than analysts had forecast.   The company said sales so far in 2009 were "slightly" higher thanks to the stronger dollar and yen.   Hermes, famous for its handbags and silk ties, said all regions had registered growth except for Japan, which is traditionally one of the largest markets for luxury goods. Same-store sales in Japan fell 3 percent last year.   But there was strong demand for its products in the rest of Asia, Europe and the US, with Asian sales up 22 percent after the opening of three new stores in China and its first in India, in New Delhi.   Sales rose 7 percent in Europe at stores that have been open for at least a year, while sales increased 15 percent in the US.   The company also said it planned to expand and renovate or open 20 outlets in 2009, mainly in the US and Asia.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *