Inter Parfums continues strong growth in Q3
Inter Parfums Inc has announced its financial results for the three months ended September 30, 2016. The company specialised in the design and distribution of prestige perfumes reported a 13.4% increase in net sales to $157.6 million, or 14.8% at comparable foreign currency exchange rates.
The company’s European and US operations performed well during the third quarter, with a 12% sales increase year-on-year for Europe and a 19% increase for the US.
Chairman and CEO Jean Madar said the growth was driven by the debut of the signature Coach women’s scent and the continued success of Montblanc fragrances which enjoyed an 11% increase in comparable quarter sales due to the consistently strong performance of the Legend brand and its newest member, Legend Spirit.
Strong demand for the Eau de Rochas and Rochas Man lines in Spain and France led sales for the brand to double on last year, while the Van Cleef & Arpels Collection Extraordinaire recorded a 50% increase compared to the prior year period.
Of Inter Parfum’s largest brands, only Jimmy Choo experienced a decline, while Lavin brand sales were up modestly compared to the third quarter of 2015.
Abercrombie & Fitch’s scent for men, First Instinct, and the Hollister fragrance duo, Wave, are now stocked in many stores in the US and internationally. First Instinct recently debuted at the Abercrombie & Fitch flagship stores in New York, Paris, Milan and London.
Dunhill also contributed to the growth with comparable quarter brand sales up 12% on last year’s third quarter.
Russell Greenberg, Executive Vice President & Chief Financial Officer said: “Based upon better than expected third quarter sales, we expect that our 2016 net sales will be at the high end of our guidance range of $500 million to $510 million. As a result, net income attributable to Inter Parfums, Inc. should also be closer to the top of our guidance range of $1.05 to $1.10 per diluted share excluding the impact of the previously reported tax settlement, and $1.01 and $1.06 per diluted inclusive of the tax settlement.”
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