French luxury goods company Hermes International reported a 6.8 per cent rise in 2002 net profit to GBP 147.8m. Hermes also announced the opening of 15 stores this year. The company's operating profit increased by 4.3 per cent to GBP 219.7m. Last month, Hermes posted a 1.3 per cent rise in turnover to GBP 0.8bn, advanced by sound sales in both Japan and the United States.

Hermes, which is based in Paris, opened five new stores last year, bringing the number of stores worldwide to 216. This year, the company plans to open 15 new stores and refurbish a number of existing stores. In order to speed up expansion in China, Hermes acquired a retail location in Hong Kong at the end of 2002.

The company would not specify its targets for the current year, but said it would "continue with its strategy to expand its distribution channels and production capacity despite a difficult geopolitical situation". The company also said it will build a new logistics centre in the Paris region, which is expected to be operational in the second quarter of 2003.