Inter Parfums, Inc. (NASDAQ GS:IPAR) today announced that for the three months ended December 31, 2013, net sales of the Company’s ongoing brands (excluding Burberry brand sales) increased 19% to $105.5 million, as compared to $88.8 million for the corresponding period of the prior year. Consolidated 2013 fourth quarter net sales declined 40% when Burberry sales are included in the prior year period. At comparable foreign currency exchange rates, consolidated fourth quarter net sales also declined 40%. Total net sales for 2013 (excluding Burberry) increased nearly 23% to $433.0 million from 2012’s $352.7 million. Inter Parfums plans to issue results for the 2013 fourth quarter and full year on or about March 11, 2014.
|Three Months Ended December 31,||Twelve Months Ended December 31,|
|2013||2012||% Change||2013||2012||% Change|
|($ in millions)|
|European-based product sales||$||78.4||$||152.4||(48)%||$||464.3||$||571.8||(19)%|
|United States-based product sales||27.1||24.5||11%||99.2||82.3||21%|
2013/2014 GuidanceRussell Greenberg, Executive Vice President & Chief Financial Officer stated, “Our 2013 net sales were in line with the guidance we provided in November and therefore we see no reason to change current earnings guidance of income attributable to Inter Parfums, Inc. of $1.23 per diluted share, as we followed through with our previously announced plans to make significant fourth quarter investments in advertising and promotion in support of new product launches and the worldwide development of the Lanvin, Jimmy Choo and Montblanc brands. We look forward to reaping the returns on these investments throughout 2014 and beyond.” Mr. Greenberg continued, “With respect to our 2014 outlook, we are maintaining our guidance for net sales of approximately $495 million, which represents approximately 15% growth of our ongoing brands. Our expectations for net income attributable to Inter Parfums, Inc. remain in the range of $0.93 to $0.98 per diluted share. As in the past, we will update our guidance as appropriate as the year progresses and our visibility improves.” Guidance assumes the dollar remains at current levels. In the 30 years since its founding, Inter Parfums, Inc. has been selected as the fragrance and beauty partner for a growing list of brands that include Lanvin, Montblanc, Jimmy Choo, Boucheron, Van Cleef & Arpels, Karl Lagerfeld, Paul Smith, S.T. Dupont, Balmain, Repetto, Agent Provocateur, Alfred Dunhill, Anna Sui, Shanghai Tang, Oscar de la Renta, Gap, Banana Republic, Brooks Brothers, bebe, and Betsey Johnson. Inter Parfums is known for innovation, quality and its ability to capture the genetic code of each brand in the products it develops, manufactures and distributes in over 100 countries worldwide. Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases you can identify forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would," or similar words. You should not rely on forward-looking statements because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2012 and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.
Regulation G, “Conditions for Use of Non-GAAP Financial Measures,” prescribes the conditions for use of non-GAAP financial information in public disclosures. The Company believes that our presentation of the non-GAAP financial information included in this release is important supplemental measures of operating performance to investors.