Inter Parfums, Inc. Reports Record 2024 First Quarter Net Sales
Reaffirms 2024 Sales Guidance
($ in millions; data may not foot due to rounding) |
Three Months Ended
|
||
|
2024 |
2023 |
% Change |
|
|
|
4% |
European based product sales |
|
|
flat |
|
|
|
18% |
Eliminations of intercompany sales |
( |
- |
n/a |
- The average dollar/euro exchange rate for the 2024 first quarter was 1.09 compared to 1.07 in the 2023 first quarter, leading to a positive 0.6% foreign exchange impact for the 2024 first quarter.
- Eliminations of intercompany sales relate to European based operations product sales to |
Management Commentary:
“Despite strong demand for our key brand lines and favorable initial shipments of
“Of our three largest brands, Coach fragrance sales rose 5% in the quarter, building upon the 24% increase in the prior year period. As expected,
“While Montblanc continues to capitalize on its ongoing momentum through the Explorer line and the launch of Montblanc
“Donna Karan’s new four-scent Cashmere Collection performed exceedingly well and was strategically timed to coincide with the brand’s new luxury fashion campaign. Furthermore, GUESS fragrances had continued strong sales performance due to a combination of legacy scents and the debut of GUESS Iconic.
“After a successful Phase 1 distribution roll-out of the Abercrombie & Fitch Fierce fragrance, we launched Phase 2 in
“While the global fragrance market is not growing as fast as in 2023, it remains healthy. The concentration of launches during the prior year period created a more challenging comparison for the first quarter of 2024, but we anticipate significant growth for the balance of the year with our strong pipeline of innovation across all key brands in our portfolio.”
About
Operating in the global fragrance business since 1982,
The portfolio of prestige brands includes Abercrombie & Fitch,
Forward-Looking Statements:
Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. In some cases, you can identify forward-looking statements by forward-looking words such as "anticipate, "believe", "could", "estimate", "expect", "intend", "may", "should", "will", and "would" or similar words. You should not rely on forward-looking statements, because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and "Risk Factors" in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240424582807/en/
Chief Financial Officer
(212) 983-2640
www.interparfumsinc.com
or
Investor Relations Counsel
(212) 836-9623 / kdaly@equityny.com
www.theequitygroup.com
Source: