Inter Parfums, Inc. Again Raises Its 2013 Guidance And Provides Preliminary Guidance For 2014
Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that once again it
is raising 2013 guidance and is now looking for net sales to come in at
approximately $540 million resulting in net income attributable to Inter
Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that once again it is raising 2013 guidance and is now looking for net sales to come in at approximately $540 million resulting in net income attributable to Inter Parfums, Inc. of approximately $1.18 per diluted share. The Company also announced preliminary 2014 guidance which calls for net sales of approximately $475 million, representing a nearly 16% increase compared to anticipated sales of ongoing brands (excluding Burberry) in 2013. The Company’s preliminary guidance for 2014 net income attributable to Inter Parfums, Inc. is approximately $0.90 to $0.95 per diluted share. Guidance assumes the dollar remains at current levels. Discussing 2014, Jean Madar, Chairman and CEO of Inter Parfums commented, “We are looking for solid growth in both our European and U.S.-based operations. Expectations remain high for our largest brands, Lanvin, Jimmy Choo and Montblanc. Also, new fragrances for Repetto and Boucheron begin rolling out this fall and we have major new product launches for Balmain and Karl Lagerfeld coming to market in 2014.” On the subject of U.S.-based operations, Mr. Madar noted, “In 2014, our sales should benefit from recently signed license agreements with Alfred Dunhill, Agent Provocateur and Shanghai Tang for which we have new product launches planned. We will also introduce fragrances for a number of our established brands, and reinvigorate existing lines with new packaging.” Russell Greenberg, Executive Vice President & CFO noted, “As a result of the current strong performance of our brands, we have raised our 2013 sales guidance to approximately $540 million. As we reported last month, during the second half of the year, we are investing heavily in promotion and advertising to bolster support for the aforementioned product launches and the continued worldwide development of our largest brands. Nonetheless, we have increased our 2013 guidance for net income attributable to Inter Parfums, Inc. to approximately $1.18 per diluted share. Our previous forecast for net sales was $525 million resulting in net income attributable to Inter Parfums, Inc. of $1.14 per diluted share. Regarding both 2013 and 2014, we plan to update our guidance as appropriate as we gain greater visibility over time.” Guidance assumes the dollar remains at current levels.