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Reports higher sales in Europe, lower sales in the U.S.
November 12, 2010
By: Jamie Matusow
Editor-in-Chief
Inter Parfums, Inc. has reported that net sales for the third quarter ended September 30, 2010, compared to third quarter 2009, increased 3% to $120.9 million from $117.5 million; at comparable foreign currency exchange rates, net sales rose 13% for the period. European-based operations generated sales of $109.2 million, a 5% increase from $104.0 million; sales by U.S.-based operations were $11.7 million, down 14% from $13.5 million Net sales for the nine months ended September 30, 2010 increased 17% to a record $348.0 million from last year’s $296.6 million; in constant dollars, nine month net sales rose 23%. Net income attributable to Inter Parfums, Inc. rose 20% to a record $20.4 million or $0.67 per diluted share from $16.9 million or $0.56 per diluted share in the first nine months of 2009. Discussing European-based operations Jean Madar, chairman of the board and chief executive officer of Inter Parfums noted, “As compared to the first two quarters of this year, third quarter product launches were far more modest. Our two most significant new market entrants during the third quarter were Marry Me! by Lanvin for women and Midnight in Paris for men by Van Cleef & Arpels. Our European-based prestige fragrance business has been improving especially in Asia, South America, the Middle East and Eastern Europe where in local currency year-to-date sales rose 27%, 44%, 19% and 62%, respectively, compared to the same period in 2009. In our largest markets, Western Europe and North America, year-to-date sales in local currency are up 13% and 14%, respectively.” He continued, “As we reported last month, following the 71% increase in second quarter sales by U.S.-based operations, third quarter inventory shortfalls pushed certain shipments into the fourth quarter. We were very happy with the reception of bebe Sheer at its launch during the third quarter. In the final quarter of 2010, Brooks Brothers Madison is now in stores, and the brand’s Black Fleece Red, White, & Blue collection is due out this month. Also two programs developed for Anthropologie stores, Happ & Stahns and the LeLabo collection have made their debut this month.”
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