Hermes reported Q1 revenue €4.07bn, up 5.6% organic YoY, missing 7.1% consensus and €4.16bn analyst estimate.
Negative currency impact of €290m and Iran war cut about 150 basis points from revenue growth, hitting Middle‑East wholesale sales.
APAC ex Japan growth slowed to 2.2% versus 5.7% forecast, down from 8% in Q4, raising investor concerns.
Americas sales surged 17.2% beating expectations, while Hermes reaffirmed its medium‑term constant‑exchange‑rate sales guidance.