Inter Parfums Inc. has reported its financial results for the second quarter and six months ended June 30, 2023.

Net Sales

Net sales increased 26% to $309 million. On a dollar basis, Inter Parfums’ second quarter operating income increased 21% to $55 million, and net income attributable to Inter Parfums, Inc. increased 27% to $35 million, or $1.09 per share compared to $0.86 per share in the prior year period.
 
“With our second quarter net sales increasing 26%, on top of the healthy 18% growth from the prior year period, we are taking full advantage of the positive trends and momentum in the fragrance market while growing our market share with our innovative programs,” said Jean Madar, Chairman & Chief Executive Officer of Inter Parfums.
 
“Through the first half of the year, our robust growth has been geographically spread across our 120-country distribution footprint and included signs of renewed life in the travel retail business.”

Reopening of China Market

According to Madar, the company has taken a conservative approach to the reopening of the Chinese fragrance market, and will continue to be cautious and patient as it is confident in China’s long term prospects.
 
“China’s potentially immense market has been showing signs of improvement, but not enough to really move the needle. We anticipate continued modest sales growth for the remainder of 2023 and into 2024,” Madar explained.
 
The company is also well on its way in strategizing and building out the products, promotions, advertising and launch schedule for the newest and upcoming licenses, Roberto Cavalli and Lacoste, while also maintaining focus on all the other iconic brands in its fragrance portfolio.

Full-Year 2023 Guidance

Madar added, “As we look into the back half of 2023, we are confident in achieving another excellent year as supply chain disruptions and inflationary impacts on components are mostly behind us, and our brands continue to perform exceedingly well, in conjunction with the favorable growth catalysts in the fragrance market.”
 
Inter Parfums continues to look for full-year 2023 net sales to approximate $1.3 billion, or growth of 20% from full-year 2022.

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