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Inter Parfums Reports 13% Net Sales Increase in Q4 2009
Posted: March 15, 2010
Inter Parfums, Inc. today reported that net sales increased 13% to $112.9 million from $100.4 million in the fourth quarter of 2009. European-based operations generated sales of $96.3 million, a 16% increase from $83.2 million, while sales by U.S.-based operations declined 3% to $16.6 million from $17.2 million. For the year ended Dec. 31, 2009, net sales of $409.5 million declined 8% from $446.1 million in 2008.
“The year ended on a strong note in terms of sales and earnings," said Russell Greenberg, executive vice president and CFO commented, Inter Parfums. "In the face of the global economic downturn, and in the absence of a major women’s fragrance launch in 2009, our financial performance for the year was better than we anticipated. In performing our goodwill impairment evaluation, we determined that Nickel skin care product sales continued to be below our expectations, which resulted in the impairment charge.”
“With regard to European-based operations in 2010, our new product launch schedule has begun with Burberry Sport fragrances for men and women," said Jean Madar, chairman of the board and CEO, Inter Parfums. "In July, we are launching our first Burberry cosmetics collection in approximately 30 shops around the world. For Lanvin and Paul Smith, we are creating a new women’s scent for each and new scents for both men and women are coming to market for the Van Cleef & Arpels brand. Plans call for our first Jimmy Choo fragrance to unveil in early 2011 and with regard to Montblanc, we will be taking over the inventory and distribution of their legacy fragrances mid-year and new product development is in the works with spring 2011 as our target for a new fragrance launch under the brand.
“We have new fragrance and ancillary products under the Gap brand for both men and women scheduled to launch later this year. Also in the works are new fragrances for the bebe and Brooks Brothers labels, and a special fragrance collection for Anthropologie stores will also be introduced. In addition to launching new scents, we are pursuing growth in our specialty retail business by expanding the footprint of our international distribution of the products we develop for several of our retail partners.”