奢侈品风向标失速：爱马仕三季度仅增约 4%，创六年最弱
巴黎——爱马仕 10 月 22 日发布三季度营收：销售额 41 亿欧元，按固定汇率增长约 4%（官方新闻稿约数；多家媒体按精确值计算为 4.3%），不及路透调查分析师预期的 5.2%，为 2020 年疫情以来最弱的季度增速。
前 9 个月，集团合并营收 122.6 亿欧元，按固定汇率增长约 6%（精确值 5.5%），按现行汇率增长 2.9%。
分部门看，皮具和马具增长 10.8%，至 19.1 亿欧元，是最稳的支柱；成衣和配饰则下滑 2%，至 11.4 亿欧元，为两年来首次下滑。
分地区看，美洲增长 8.8%、日本增长 9.6%、欧洲（不含法国）增长 7.2%，表现最为强劲；亚太（不含日本）持平；中东下滑 4.5%，是唯一录得下滑的地区。
执行主席阿克塞尔·杜马斯在官方新闻稿中表示："尽管环境复杂，爱马仕延续盈利性增长、保持航向。我们对手工模型的力量深信不疑，着眼长期，对未来充满信心。"
财务执行副总裁埃里克·迪阿尔古埃在分析师电话会上说，大中华区此前到 6 月还有轻微增长，三季度后"基本持平"；三季度主要是时尚配饰、鞋履、腕表等高流量品类因客流下降而受挫。财报发布后，爱马仕股价下跌约 5% 至 7%（路透）。
（GSM 据爱马仕官方新闻稿与路透社）
来源：GSM·美国
Hermès Q3 Sales Rise About 4% to €4.1 Billion, Weakest Since 2020; Greater China "Broadly Flat"
PARIS — Hermès reported third-quarter revenue of €4.1 billion on October 22, up about 4% at constant exchange rates (the company's rounded figure; media calculations put it at 4.3%), below the 5.2% growth expected by analysts polled by Reuters — the weakest quarterly pace since the 2020 pandemic.
For the first nine months of 2026, consolidated revenue reached €12.26 billion, up about 6% at constant exchange rates (5.5% precisely) and 2.9% at current exchange rates.
By division, leather goods and saddlery rose 10.8% to €1.91 billion, the steadiest pillar, while ready-to-wear and accessories fell 2% to €1.14 billion, its first decline in two years.
By region, the Americas grew 8.8%, Japan 9.6% and Europe excluding France 7.2%; Asia-Pacific excluding Japan was flat; the Middle East fell 4.5%, the only declining region.
"Despite a complex environment, Hermès continues its profitable growth and maintains its course," Executive Chairman Axel Dumas said in the official release. "Convinced of the strength and relevance of our artisanal model, we see our vision as firmly rooted in the long term, and we look to the future with confidence."
CFO Eric du Halgouët told analysts that Greater China, which had seen slight growth through June, was now "broadly flat" year-on-year following the third quarter, with high-traffic categories such as fashion accessories, footwear and watches suffering from declining footfall. Hermès shares fell about 5% to 7% after the results, Reuters reported.
(GSM, based on Hermès' official release and Reuters)
Source: GSM · America
来源：GSM·美国（原文链接）
图片来源：巴黎乔治五世大街爱马仕门店（资料图）。照片：Moonik，CC BY-SA 3.0，经 Wikimedia Commons。 / The Hermès store on Avenue George V, Paris (file photo). Photo: Moonik, CC BY-SA 3.0, via Wikimedia Commons.
