UPDATE 2-Hermes Q1 sales get lift from bags, currencies
* Q1 sales up 3.2 percent to 428 million euros
* Sales trend in line with stable FY sales forecast
(Adds details, currency impact, background)
PARIS, May 7 (Reuters) - Hermes (HRMS.PA) proved again it was resisting the crisis better than many of its rivals with a 3.2 percent rise in first-quarter sales, helped by exchange rates and resilient demand for its handbags.
The world's second-largest luxury group by market value posted revenue of 428 million euros ($570 million) on Thursday, roughly in line with a mean forecast of 430 million euros in a Reuters poll of analysts.
Hermes, known for its elegant silk scarves and leather handbags starting at 1,500 euros, said trading in the first quarter was in line with its target of flat full-year revenue.
The luxury group, whose women's apparel is designed by fashion icon Jean-Paul Gaultier, benefits from a steady flow of orders for its handbags and other leather goods, which are larger than the company's capacity to produce them.
In some parts of the world, such as Asia, waiting periods for some handbags can be as long as three years.
Hermes' leather goods were the only products to see any sales growth during the first quarter.
Revenue from that area rose 10.2 percent at constant exchange rates and 21.7 percent at current rates.
Overall, Hermes saw revenue drop 4.7 percent at constant exchange rates.
In comparison, larger competitor LVMH (LVMH.PA) had a 7 percent drop in like-for-like first-quarter revenues at constant exchange rates. [ID:nLM938857].
Several brokers, including Oddo, said Hermes's underlying revenue drop was much steeper than the 1 percent decline they had expected.
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