Reaffirms 2024 Sales Guidance
Inter Parfums, Inc. (NASDAQ GS: IPAR) (“Inter Parfums” or the
“Company”) today announced that for the three months ended March
31, 2024, net sales rose to $324 million, up 4% from $312 million,
in the first quarter of 2023.
Net Sales:
($ in millions; data may not foot due to
rounding)
Three Months Ended
March 31,
2024
2023
% Change
Total Inter Parfums, Inc.
$324
$312
4%
European based product sales
$231
$230
flat
United States based product sales
$96
$82
18%
Eliminations of intercompany sales
($3)
-
n/a
- The average dollar/euro exchange rate
for the 2024 first quarter was 1.09 compared to 1.07 in the 2023
first quarter, leading to a positive 0.6% foreign exchange impact
for the 2024 first quarter.
- Eliminations of intercompany sales
relate to European based operations product sales to United States
based operations.
Management Commentary: Jean Madar, Chairman & Chief
Executive Officer of Inter Parfums, stated, “With ongoing momentum
in the fragrance market and favorable initial shipments of Lacoste
and Cavalli fragrances, we delivered another record in first
quarter sales. Our net sales growth of 4% was expected, considering
the 24% sales growth achieved in the same quarter of 2023. We are
focused on optimizing the timing of our launches throughout 2024,
aiming for a more balanced distribution compared to the heavy
concentration of new fragrance launches in the first quarter of
last year.
“Despite strong demand for our key brand lines and favorable
initial shipments of Lacoste fragrances, our European based
operations net sales were flat compared to the exceptional sales
performance achieved by our established brands during the first
quarter of 2023. Performance in Eastern Europe was adversely
impacted by a very unfavorable comparison base, reflecting the
particularly strong business recovery during the first quarter of
2023 (+66%), as well as sourcing constraints in certain countries
which resulted in sales shifting from the first quarter into the
second quarter of 2024.
“Of our three largest brands, Coach fragrance sales rose 5% in
the quarter, building upon the 24% increase in the prior year
period. As expected, Jimmy Choo and Montblanc saw declines in
fragrance sales, following their impressive 63% and 28% growth
rates during the same period last year, respectively.
“While Montblanc continues to capitalize on its ongoing momentum
through the Explorer line and the launch of Montblanc Legend Blue
in this quarter, the high base in 2023 led to a 5% decline.
Similarly, Jimmy Choo declined 23% largely due to the I Want Choo
Forever launch at the end of 2022 and the Rose Passion launch in
the first quarter of 2023. A new extension of I Want Choo is
planned for the second quarter of 2024.”
Mr. Madar continued, “For U.S. based operations, our 18% sales
growth in the first quarter was primarily driven by Donna
Karan/DKNY and GUESS, with comparable quarter sales growing 44% and
21%, respectively. The successful launch of Roberto Cavalli, in
combination with the start of distribution of European based brands
by our Italian subsidiary, contributed 9% growth.
“Donna Karan’s new four-scent Cashmere Collection performed
exceedingly well and was strategically timed to coincide with the
brand’s new luxury fashion campaign. Furthermore, GUESS fragrances
had continued strong sales performance due to a combination of
legacy scents and the debut of GUESS Iconic.
“After a successful Phase 1 distribution roll-out of the
Abercrombie & Fitch Fierce fragrance, we launched Phase 2 in
Europe, Mexico, and Australia during the quarter.
“While the global fragrance market is not growing as fast as in
2023, it remains healthy. The concentration of launches during the
prior year period created a more challenging comparison for the
first quarter of 2024, but we anticipate significant growth for the
balance of the year with our strong pipeline of innovation across
all key brands in our portfolio.”
Mr. Madar concluded, “We are confident in our dynamic market
positioning and remain optimistic about our ability to continue to
gain market share within this growing market; as such, we are
reaffirming our 2024 net sales guidance of $1.45 billion.”
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, 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, 2023, 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/20240424582807/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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