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Inter Parfums, Inc. reported results for the fourth quarter and year ended Dec. 31, 2011. For the fourth quarter, net sales rose to $189.1 million, a 68% increase from fourth quarter 2010’s $112.5 million; at comparable foreign currency exchange rates, net sales rose 61% for the period. European-based operations generated net sales of $169.6 million, up 78% from $95.5 million in the same period in 2010, and net sales by U.S.-based operations were up nearly 15% to $19.5 million from $17 million in fourth quarter 2010.
Thus, net sales for the year ended Dec. 31, 2011, increased 34% to a record $615.2 million from the prior year’s $460.4 million; in constant dollars 2011 net sales rose 28%. Net income attributable to Inter Parfums, Inc. rose 21% to a record $32.3 million, or $1.05 per diluted share, from $26.6 million, or $0.87 per diluted share in 2010.
Jean Madar, Inter Parfums chairman and CEO, noted, “2011 was far and away the best year in our history. Not only did we achieve record sales and profits, but we gained further control over product distribution, executed the largest new product launch in our history, enjoyed major success introducing fresh products for our newest brands, and added three valuable names to our brand portfolio: Balmain, Repetto and Anna Sui.”
Madar continued, “Several of our prestige portfolio brands showed stellar sales gains. Notably Burberry sales rose 20% for the year in local currency due to the launch of Burberry Body and the staying power of the brand’s historic lines. With the debut of Montblanc Legend, sales were more than three times greater than in 2010, when legacy brand sales were limited to the second half only. In 2011, we recorded first time sales for the Jimmy Choo signature fragrance, which far exceeded expectations, and in the latter part of the year, sales of Boucheron products began. New product launches, including Too Too for Betsey Johnson, and the continued distribution of specialty retail products overseas, were among the reasons for the increase in sales by U.S.-based operations.”
On the subject of Burberry, Madar added, “Discussions that began in December between Interparfums SA and Burberry on the creation of a new operational structure for the fragrance and beauty business are continuing.”
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