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Inter Parfums Net Sales In at $166.3 Million for Q3 2012
Posted: October 23, 2012
Inter Parfums, Inc. announced net sales for the third quarter of 2012 were approximately $166.3 million, a 3% decline from $171.7 million in the third quarter of 2011. At comparable foreign currency exchange rates, third quarter net sales were up approximately 2%. Inter Parfums plans to issue its results for the third quarter of 2012 on or about November 7, 2012.
European-based product sales for the three months ended September 30, 2012, were $148.6 million, down 4% from $154.7 million in the same time period in 2011. However, U.S.-based product sales increased 4% from $17 million for the third quarter 2011 to $17.7 million for the third quarter 2012.
Discussing European-based operations Jean Madar, chairman and CEO of Inter Parfums, noted, “Many of the brands in our portfolio performed extremely well during the third quarter. Third quarter sales of Lanvin fragrances rose 12% with continuing gains by the Eclat d’Arpège line and the launch of the Jeanne Lanvin Couture line. Montblanc fragrance sales were 67% ahead of last year’s third quarter due in great part to the continued success of the men’s line, Legend. Jimmy Choo fragrances also showed robust gains, up 44% versus last year’s third quarter based upon the signature scent that launched in 2011.”
For the nine months ended September 30, 2012, Inter Parfums saw total product sales at $477.2 million, up 12% from $426.1 million the previous year. European-based sales increased 10% from the same time last year to $419.4 million, and U.S.-based sales were at $57.8 million, up 33% over 2011’s $43.3 million.
Madar commented, “Through the first nine months, Burberry brand sales are running over 10% ahead of the same period last year. S.T. Dupont fragrance sales achieved a nearly 30% year-to-date sales gain. Also, Boucheron has become a meaningful contributor this year with the gradual re-release of the brand’s fragrance collections along with our first initiative, Jaipur Bracelet.”
Discussing year-to-date prestige sales by region, Madar said, “Topline growth has been especially strong in North America where sales are running 38% ahead. Growth continued in the Middle East, spurred by Saudi Arabia, resulting in a more than 30% increase in sales. Russia drove sales in Eastern Europe producing a greater than 30% improvement in this region. Asia and South America achieved sales growth of 16% and 17%, respectively. Despite weaker consumer spending in selected countries in Western Europe, sales through the first nine months of this year were 6% ahead of the same period last year.”
On the subject of U.S.-based operations, Madar went on to say, “As was the case in the first half, the third quarter benefited from the inclusion of Anna Sui fragrance sales, international distribution of U.S. specialty retail brands, and fragrance launches for namesake stores earlier in the year.”
Russell Greenberg, executive vice president and CFO, stated, “Based upon our performance thus far, and our expectations for the final quarter, we are affirming our 2012 guidance of $632 million in sales and approximately $35.9 million or $1.17 per diluted share in net income attributable to Inter Parfums, Inc. Our guidance assumes the dollar remains at current levels. On November 21, 2012, we will release formal guidance for 2013, which will take into account the transition agreement with Burberry and all launches scheduled for the coming year. These include Jimmy Choo, Lanvin, Van Cleef & Arpels, Boucheron and our first Repetto fragrance in July for European-based operations, plus new product launches for the Anna Sui and Bebe brands for U.S.-based operations in the coming year.”