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Inter Parfums Reports Q3 2009
Posted: October 27, 2009
Inter Parfums, Inc. announced that net sales for the third quarter 2009 were $117.5 million, 5% below 2008's third quarter net sales of $123.5 million. At comparable foreign currency exchange rates, third quarter net sales fell 3%. For the first nine months of 2009, net sales were $296.6 million, down 14% from $345.8 million; at comparable foreign currency exchange rates, net sales for the first nine months of 2009 were 11% below last year.
"In comparison (to 2008), the 2009 third quarter new product launches were far more modest and included limited distribution of Van Cleef & Arpels Collection Extraordinaire and the launch of Paul Smith Man, for which the rollout is still underway," said Jean Madar, chairman of the board and CEO, Inter Parfums. "Despite the difficult launch schedule comparison and the weak economic environment, strong growth of Burberry fragrances (up 19% in local currency) on gains by all of the brands’ historic lines contributed to our third quarter 2009 sales results.”
Management believes that its current full year 2009 guidance is conservative based on the sales achieved during the third quarter of 2009 and will review its guidance and update as necessary when third quarter financial results are announced on Nov. 9, 2009. Current guidance calls for net sales of $390 million, and net income attributable to Inter Parfums, Inc. common shareholders of approximately $21.0 million or $0.70 per diluted share, assuming the dollar remains at current levels.