|Three months ended December 31,||Year Ended December 31,|
|2011||2010||% Change||2011||2010||% Change|
|($ in millions)|
|European-based product sales||$||169.6||$||95.5||77.7||%||$||552.4||$||404.9||36.4||%|
|United States-based product sales||19.5||17.0||14.6||%||62.8||55.5||13.0||%|
Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that net sales for the fourth quarter of 2011 were approximately $189.1 million, a 68% increase from $112.5 million in the fourth quarter of 2010. At comparable foreign currency exchange rates, fourth quarter net sales were up 61%. Thus 2011 net sales rose 34% to $615.2 million, exceeding management’s guidance of $570.0 million. At comparable foreign currency exchange rates, 2011 net sales were up 28%. Inter Parfums plans to issue its results for the fourth quarter and year ended December 31, 2011 on or about March 13, 2012.
Discussing European-based operations Jean Madar, Chairman & CEO of Inter Parfums noted, “In local currency, Burberry fragrance sales were up 96% in the final quarter of 2011 and 20% for the full year 2011 due in great part to solid performances by the brand's historic lines and the highly successful global rollout of Burberry Body. Other factors contributing to the sales increase include the continued strong momentum of the Jimmy Choo and Montblanc fragrance launches. In addition, the 2011 sales increase reflects the commencement in January 2011 of European-based product distribution in the U.S. by Interparfums Luxury Brands, a subsidiary of Interparfums, S.A.” Mr. Madar went on to say, “We were very pleased by the continued sales strength in 2011 for our European-based products in certain markets. Sales in local currency in Asia rose 37%, the Middle East by 20%, Eastern Europe by 17% and South America by 48% as compared to 2010. Even in our largest, most established markets there was significant year-over-year growth as sales in Western Europe rose 10% in local currency, while North America posted an 87% increase, which includes the positive effect of taking over European-based product distribution in the U.S.”