Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that net sales for the second quarter of 2011 were approximately $121.1 million, a 12.3% increase from $107.8 million in the second quarter of 2010. At comparable foreign currency exchange rates, second quarter net sales were up 4.7%. Inter Parfums plans to issue its results for the second quarter of 2011 on or about August 9, 2011.
|Three months ended June 30,||Six Months Ended June 30,|
|2011||2010||% Change||2011||2010||% Change|
|($ in millions)|
|European-based product sales||$||106.5||$||91.9||15.9||%||$||228.1||$||200.2||13.9||%|
|United States-based product sales||14.6||15.9||(8.2||)%||26.3||26.9||(2.2||)%|
Discussing European-based operations Jean Madar, Chairman & CEO of Inter Parfums noted, “The initial launch of the Jimmy Choo signature fragrance and the inclusion of legacy Montblanc fragrances plus Legend, a new scent for men, accounted for much of the increase in second quarter sales. In addition, Interparfums Luxury Brands, our recently formed U.S. distribution subsidiary, contributed to the increase in second quarter sales. That said, second quarter sales were less than expected due to the June opening of our new 340,000 square foot state-of-the-art distribution center outside of Paris. With the transfer of inventory to the new distribution center, and certain other transitional issues, certain shipments that were scheduled for June were delayed until the third quarter.”
Mr. Madar went on to say, “Also worth noting, there were no major launches in the current second quarter while during the first half of 2010, Burberry Sport and Oriens by Van Cleef & Arpels were rolling out. We were very pleased by the strength of emerging markets with second quarter sales in local currency up 19% in South America, 16% in Eastern Europe, and 14% in Asia.”
Discussing U.S.-based operations, Mr. Madar pointed out, “With most of our new specialty retail product introductions and holiday programs scheduled to ship in the second half, second quarter sales were modest, especially following the 6.5% increase in 2011 first quarter sales and the 16% sales growth achieved in 2010. During the second quarter, we commenced shipments of Caciquebody for certain Lane Bryant stores, and initial indications are quite good. We are especially enthusiastic about the launch of Betsey Johnson Too Too coming this fall, as well as our third bebe fragrance in as many years, Gold, coming to bebe stores next month.”Russell Greenberg, Executive Vice President & Chief Financial Officer stated, “We remain on track to achieve our 2011 guidance, which calls for sales of approximately $550.0 million, with resulting net income attributable to Inter Parfums, Inc. of approximately $32.5 million or $1.05 per diluted share. Guidance assumes the dollar remains at current levels.”
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