This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Inter Parfums, Inc. Reports Second Quarter Sales And Increases 2013 Guidance

Stocks in this article: IPAR

Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that, for the three months ended June 30, 2013, net sales of the Company’s ongoing brands (excluding Burberry brand sales) increased 17% to $96.8 million, as compared to $82.7 million for the corresponding period of the prior year, with strong growth in both its European and U.S.-based operations. Burberry brand sales amounted to $20.6 million for the second quarter of 2013 and represented the sale of inventory to Burberry and some authorized sell-off of remaining Burberry finished goods generating minimal margins. When the contribution of Burberry sales is included, consolidated sales for the 2013 second quarter were $117.5 million, down 19.3% compared to $145.6 million in the 2012 second quarter. At comparable foreign currency exchange rates, net sales for the second quarter were down 20.6%. Inter Parfums plans to issue results for the second quarter of 2013 on or about August 7, 2013.

                                 
     

Three months ended June 30,

Six Months Ended June 30,

2013 2012 % Change 2013 2012 % Change
($ in millions)
 
European-based product sales $92.7 $125.6 -26.2% $287.8 $270.8 6.3%
United States-based product sales 24.8 20.0 24.4% 43.5 40.1 8.3%
$117.5 $145.6 -19.3% $331.3 $310.9 6.6%
 

Discussing European-based operations Jean Madar, Chairman & CEO of Inter Parfums noted, “Excluding Burberry sales from both the current and prior year’s second quarter, European-based product sales increased 15.0% to $72.0 million in the current period versus $62.8 million in last year’s second quarter. Our major ongoing brands continued to exhibit solid growth in the second quarter. Once again, Jimmy Choo delivered an impressive performance, posting sales growth of more than 40% compared to the prior year period, driven by increasing momentum for Flash, a new women’s scent which we launched in January. Montblanc sales rose more than 20% compared to the second quarter of 2012 propelled by the ongoing success of Legend fragrances. The spring launch of Lanvin Me and the continued growth of Eclat d’Arpège combined to boost Lanvin sales by over 14% versus the prior year period. Van Cleef & Arpels sales rose modestly during the second quarter, boosted by the recent launch of RÊVE.”

Regarding our U.S.-based operations, Mr. Madar noted, “Sales benefited from strong consumer demand and expanded retail distribution for Anna Sui fragrances, and we expect this brand to gain energy following the launch of La Vie de Bohème during the third quarter. Additionally, in April 2013, our U.S.-based operations took over the manufacture and distribution of legacy Alfred Dunhill fragrances which provided an incremental contribution to second quarter 2013 growth for our U.S. business.”

Raises 2013 Guidance

Based upon the strong first half performance of its ongoing brands and expectations for the remainder of the year, the Company is raising its 2013 guidance and currently expects net sales to reach approximately $525 million resulting in net income attributable to Inter Parfums, Inc. of approximately $1.14 per diluted share. Previous guidance called for net sales of $510 million with resulting net income attributable to Inter Parfums, Inc. in the range of $1.10 and $1.12 per diluted share. As noted in the Company’s report of first quarter results, profitability has well exceeded our initial targets. As such, for the remainder of the year, we plan to invest heavily in promotion and advertising to bolster support for the Repetto and Boucheron launches, and the continued worldwide development of the Lanvin, Jimmy Choo and Montblanc brands. Our investments in these brands are expected to yield accelerated sales growth for Inter Parfums, Inc. in the coming years. Guidance assumes the dollar remains at current levels.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs