Luxury goods maker Hermes has cut its full year sales guidance to an 8-9% rise from an 8-10% rise due to lower sales in Japan, CEO Patrick Thomas said in an interview with the daily Les Echos. He said the company's fundamentals are still good.
Japan accounts for more than a quarter of total sales.
Thomas also said Hermes is targeting substantial sales growth in the U.S., where sales rose 8.8% last year. The company is opening a new store in New York today.