Inter Parfums, Inc. (NASDAQ GS: IPAR) (“Inter Parfums” or the
“Company”) today announced that for three months ended September
30, 2023, net sales rose to $368 million, up 31% from $280 million,
in the third quarter of 2022.
Net Sales: ($ in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023
2022
% Change
2023
2022
% Change
Total Inter Parfums, Inc
$368
$280
31%
$989
$776
27%
European based product sales
$233
$198
18%
$662
$547
21%
United States based product sales
$135
$82
64%
$327
$229
43%
At comparable foreign currency exchange
rates, consolidated net sales for three months and nine months
ended September 30, 2023, increased 27% and 26%, respectively,
compared to same periods last year. Of note, the average
dollar/euro exchange rate for the current third quarter was 1.09
compared to 1.01 in the third quarter of 2022, while for the first
nine months of 2023, the average dollar/euro exchange rate was 1.08
compared to 1.06 in the same period in 2022, leading to a positive
4% and 1% foreign exchange impact for the quarter and first nine
months, respectively.
Jean Madar, Chairman & Chief Executive Officer of Inter
Parfums, stated, “Strong market conditions, in combination with
increased market share driven by new product launches, brand
extensions, and the continued popularity of our legacy scents, led
to 31% sales growth for the total company during the third quarter,
and 27% on a year-to-date basis.
“Our European based operations grew sales 18% during the third
quarter, and all of our brands achieved top line growth. Sales of
our three largest brands, Coach, Montblanc, and Jimmy Choo
increased by 32%, 20% and 6%, respectively. Of note, in last year’s
third quarter, Jimmy Choo sales rose 15%.
“Our more recent launches, including Jimmy Choo Rose Passion,
Montblanc Signature Absolue and Explorer Platinum, and Coach Green
and Love have continued to be strong performers. Our mid-sized
brands, Lanvin, Kate Spade, Rochas, Van Cleef & Arpels, and
Karl Lagerfeld also achieved sales growth.”
Mr. Madar continued, “Within our U.S. based operations, our 64%
growth during the third quarter was primarily driven by outstanding
performances in Donna Karan/DKNY, GUESS, and Ferragamo. These
brands saw 230%, 59% and 55% growth, respectively. As a reminder,
Donna Karan/DKNY joined our portfolio in July of 2022, which helps
explain the brands’ exceptional year-over-year performance.
“During the quarter, we launched the GUESS Originals trio of
fragrances, a collection of gender-inclusive fragrances,
Hollister’s Feelin’ Good duo, and initiated Phase 1 of the
Abercrombie & Fitch Fierce distribution roll-out. We began with
introductory distribution of this iconic fragrance in select
markets and expect the majority of the Phase 1 distribution to
roll-out during the fourth quarter.
“We also introduced our first brand extension for DKNY, Be
Delicious Orchard St., and it has performed exceptionally well
since its launch in August. As previously expected, the fashion
house duo, Donna Karan/DKNY, is now our second largest brand within
our U.S. based operations.”
Mr. Madar concluded, “We are continuing to dedicate appropriate
resources to ensure maximum effort and output for our licensors,
suppliers, distributors, and manufacturers, particularly as we head
into the holiday season. We believe we are well positioned to meet
the demand of our retailers and consumers on our way to another
record year.”
An update on the Company’s full-year 2023 guidance will be
announced in conjunction with the issuance of third quarter 2023
consolidated results.
About Inter Parfums, Inc.:
Operating in the global fragrance business since 1982, Inter
Parfums, Inc. produces and distributes a wide array of prestige
fragrance and fragrance-related products under license agreements
with brand owners. The Company manages its business in two
operating segments, European based operations, through its 72%
owned subsidiary, Interparfums SA, and United States based
operations.
The portfolio of prestige brands includes Abercrombie &
Fitch, Anna Sui, Boucheron, Coach, Donna Karan, DKNY, Ferragamo,
Graff, GUESS, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade,
MCM, Moncler, Montblanc, Oscar de la Renta, Roberto Cavalli,
Ungaro, and Van Cleef & Arpels, whose products are distributed
in over 120 countries around the world through an extensive and
diverse network of distributors. Inter Parfums, Inc. is also the
registered owner of several trademarks including Lanvin and
Rochas.
Forward-Looking Statements:
Statements in this release which are not historical in nature
are forward-looking statements. Although we believe that our plans,
intentions and expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
plans, intentions or expectations will be achieved. In some cases,
you can identify forward-looking statements by forward-looking
words such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "should," "will," and "would," or
similar words. You should not rely on forward-looking statements,
because actual events or results may differ materially from those
indicated by these forward-looking statements as a result of a
number of important factors. These factors include, but are not
limited to, the risks and uncertainties discussed under the
headings “Forward Looking Statements” and "Risk Factors" in Inter
Parfums' annual report on Form 10-K for the fiscal year ended
December 31, 2022 and the reports Inter Parfums files from time to
time with the Securities and Exchange Commission. Inter Parfums
does not intend to and undertakes no duty to update the information
contained in this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231023901551/en/
Inter Parfums, Inc. Michel Atwood Chief Financial Officer (212)
983-2640 www.interparfumsinc.com
or
The Equity Group Inc. Investor Relations Counsel Karin Daly
(212) 836-9623 / kdaly@equityny.com Linda Latman (212) 836-9609 /
llatman@equityny.com www.theequitygroup.com
Inter Parfums (NASDAQ:IPAR)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Inter Parfums (NASDAQ:IPAR)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024