Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported record results for the second quarter ended June 30, 2012.
Second Quarter 2012 Compared to Second Quarter 2011:
- Net sales increased 20% to $145.6 million from $121.1 million; at comparable foreign currency exchange rates, net sales rose 29% for the period;
- European-based operations generated sales of $125.6 million, up 18% from $106.5 million;
- Sales by U.S.-based operations were $20.0 million, up 37% from $14.6 million;
- Gross margin was 60.8% compared to 61.6%;
- S, G & A expense as a percentage of sales was 52.1% compared to 52.6%;
- Operating margins were 8.7% of net sales compared to 9% of net sales;
- Net income attributable to Inter Parfums, Inc. rose 20% to $6.0 million compared to $5.0 million; and,
- Basic and diluted earnings per share were $0.20 or 25% ahead of 2011’s $0.16.
Through the first half of 2012, net sales were $310.9 million or 22% ahead of $254.4 million in the first half of 2011. At comparable foreign currency exchange rates, net sales rose approximately 27%. Net income attributable to Inter Parfums, Inc. increased 21% to $21.5 million or $0.70 per basic and diluted share compared to $17.8 million or $0.58 per basic and diluted share.
Russell Greenberg, Executive Vice President & Chief Financial Officer of Inter Parfums pointed out, “With strong performances across our prestige brand portfolio, we achieved an 18% increase in European-based sales. U.S.-based operations achieved 37% sales growth, with the inclusion of Anna Sui fragrance sales since the start of the year accounting for much of that gain. The strength of the U.S. dollar also had a significant effect on reported sales as the dollar/euro exchange rate for the three months ended June 30, 2012 was 1.28 compared to 1.44 for the corresponding period of 2011.”
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