Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported record results for the first quarter ended March 31, 2012.
First Quarter 2012 Compared to First Quarter 2011:
- Net sales increased 24% to $165.4 million from $133.4 million; at comparable foreign currency exchange rates, net sales rose 26% for the period;
- European-based operations generated sales of $145.2 million, up 19% from $121.6 million;
- Sales by U.S.-based operations were up 71% to $20.2 million from $11.8 million;
- Gross margin was 64.5% compared to 64.9%;
- S, G & A expense as a percentage of sales was 45.3% compared to 45.8%;
- Operating margins were 19.2% for both periods;
- Net income attributable to Inter Parfums, Inc. increased 21.5% to $15.5 million as compared to $12.8 million; and,
- Diluted earnings per share increased 24% to $0.51 from $0.41.
Discussing European-based operations in local currency, Jean Madar, Chairman & CEO of Inter Parfums reiterated, “Burberry brand sales were up 12% with our new Burberry Body line plus the brand’s more established collections contributing to the top line growth. Lanvin fragrance sales also increased 12% reflecting gains by the Eclat d’Arpege line, the staying power of Jeanne Lanvin and Marry Me! and the February limited distribution launch of a new men’s scent, Avant Garde. As we reported last month, Jimmy Choo and Montblanc brand sales rose 68% and 77%, respectively over last year’s first quarter spurred by 2011 product introductions. Sales of Boucheron brand products, which were not meaningful in the first half of 2011, also factored into the comparable quarter growth.”
He continued, “Later this month we will launch Jaïpur Bracelet, which pays tribute to the Boucheron brand’s jewelry heritage, and relaunch a Balmain heritage scent, Ivoire. We also have Montblanc Legend for women and a Lanvin brand extension called Jeanne Lanvin Couture debuting later this year.”Mr. Madar once again reported, “Discussions are being actively pursued with Burberry on the creation of a new operating structure for the Burberry fragrance and beauty business.”