Inter Parfums, Inc. (NASDAQ GS: IPAR) (“Inter Parfums” or the
“Company”) today announced that for the three months and full year
ended December 31, 2023, net sales rose 6% to $329 million and 21%
to $1.32 billion, from the same periods in 2022, respectively.
Net Sales:
($ in millions; data may not foot due to
rounding)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
% Change
2023
2022
% Change
Total Inter Parfums, Inc.
$329
$311
6%
$1,318
$1,087
21%
European based product sales
$200
$197
2%
$862
$744
16%
United States based product sales
$128
$114
13%
$456
$343
33%
At comparable foreign currency exchange
rates, consolidated net sales for the three months and year ended
December 31, 2023, increased 4% and 20%, respectively, compared to
the same periods in 2022. Of note, the average dollar/euro exchange
rate for the 2023 fourth quarter was 1.08 compared to 1.02 in the
fourth quarter of 2022, while for the full year, the average
dollar/euro exchange rate for 2023 was 1.08 compared to 1.05 in
2022, leading to a positive 2% foreign exchange impact for the
fourth quarter and 1% for the full year.
Management Commentary:
Jean Madar, Chairman & Chief Executive Officer of Inter
Parfums, stated, “With ongoing strength in the overall fragrance
market and our successful distribution execution, we grew sales by
6% during the quarter. The better-than-expected performance in the
final quarter culminated in 21% sales growth for the year,
surpassing our guidance of $1.3 billion. Of note, the quarterly
growth rate in comparison to the full year reflects the elevated
sales baseline from the preceding year. Furthermore, compared to
2019, our sales were up 85% for both the fourth quarter and full
year 2023.
“Our European based operations grew sales by 2%, primarily due
to Coach brand sales which rose 17% in the fourth quarter.
Considering Jimmy Choo and Montblanc sales growth of 78% and 50%,
respectively, in the closing quarter of 2022, a modest decline in
net sales for those two brands during the fourth quarter of 2023
was expected.
“For the full year, European based operations grew sales by 16%,
led by the Coach, Jimmy Choo and Montblanc brands, which were up
25%, 19% and 15% growth, respectively.”
Mr. Madar continued, “For U.S. based operations, our 13% sales
growth in the fourth quarter was primarily driven by Donna
Karan/DKNY with comparable quarter sales growing 21%. GUESS and
Ferragamo also saw mid-single-digit sales growth during the
quarter, relative to the very high base in the prior year period.
The Phase 1 roll-out of the iconic Abercrombie & Fitch Fierce
fragrance, in select markets, boosted fourth quarter sales with
further gains expected as we launch Phase 2 in the spring.
“For the full year, U.S. based operations grew sales by 33%, led
by Donna Karan/DKNY, GUESS, and Ferragamo achieving gains of 205%,
23% and 21%, respectively. Of note, Donna Karan/DKNY joined our
portfolio in July of 2022, which helps explain the exceptional
year-over-year performance.”
Mr. Madar concluded, “Our stimulating pipeline of innovative
products across our portfolio of brands, now inclusive of Lacoste
and Roberto Cavalli, a fully operational Italian affiliate in
Florence, Italy, and our dynamic positioning within the industry,
strengthen our confidence in gaining further market share in the
years ahead and deliver another record year in 2024."
The Company’s full year 2024 guidance will be addressed in
conjunction with the issuance of the 2023 fourth quarter and full
year consolidated earnings 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 their 72%
owned subsidiary, Interparfums SA, and United States based
operations, through wholly owned subsidiaries in the United States
and Italy.
The portfolio of prestige brands includes Abercrombie &
Fitch, Anna Sui, Boucheron, Coach, Donna Karan/DKNY, Emanuel
Ungaro, Ferragamo, Graff, GUESS, Hollister, Jimmy Choo, Karl
Lagerfeld, Kate Spade, Lacoste, MCM, Moncler, Montblanc, Oscar de
la Renta, Roberto Cavalli, 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/20240123551333/en/
Inter Parfums, Inc. Michel Atwood Chief Financial Officer (212)
983-2640 www.interparfumsinc.com
or The Equity Group Inc. Karin Daly Investor Relations Counsel
(212) 836-9623 / kdaly@equityny.com www.theequitygroup.com
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