Hermès Falls Most on Record as Middle East War Hurts Sales

Hermès shares tumbled as much as 14% as the disruption from the conflict in the Middle East dented the Birkin bag maker’s sales growth, showing that even the luxury goods industry’s most-resilient player is feeling the effects.

Sales rose 5.6% at constant exchange rates in the first quarter, Hermès International SCA said in a statement Wednesday. Analysts had expected a gain of 7.44%.