Inter Parfums 3Q Sales Falls 5 Pct
NEW YORK (AP) ¿ Perfume maker Inter Parfums Inc. said Thursday its third-quarter sales fell 5 percent to $117.5 million from $123.5 million a year earlier, and it expects to update its 2009 profit expectation.
Its shares rose more than 5 percent.
Excluding the effect of foreign exchange rates, sales fell 3 percent in the third quarter.
The company makes perfumes for brands such as Burberry, Van Cleef & Arpels and Paul Smith as well as personal care products for Gap, Banana Republic, Brooks Brothers and bebe.The company plans to report full third-quarter results on Nov. 9. Inter Parfums management believes its 2009 profit guidance is conservative given the third quarter's results and plans to update it when it reports the full results. Its current estimate is for 70 per share in profit, excluding the effect of foreign exchange translation. Analysts surveyed by Thomson Reuters expect 72 cents per share. Inter Parfums shares rose 65 cents, or 5.2 percent, to $13.09 in afternoon trading.
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