Inter Parfums crosses one billion dollars in sales, raises outlook

Inter Parfums revenues increased by 24 percent to 1,087 million dollars. The company’s operating income increased 31 percent to 194 million dollars.

The company’s net income increased 38 percent to 121 million dollars and diluted earnings per share increased 38 percent to 3.78 dollars per share.

Fourth quarter net sales increased 47 percent to 311 million dollars and net income 17 million dollars, while diluted earnings per share were 52 cents.

Inter Parfums increases revenue

Commenting on the company’s performance, Jean Madar, chairman & chief executive officer of Inter Parfums, Inc. noted: “2022 was a milestone year, as we crossed 1 billion dollars in net sales, with all regions contributing to our growth. Our largest region, North America, achieved sales growth of 22 percent, followed by Western Europe and Asia where sales rose 28 percent and 19 percent, respectively.”

Madar added saying: “There was also a strong performance from the Middle East and Latin America with sales up 44 percent and 24 percent, respectively. Even Eastern Europe achieved modest sales growth of 6 percent, despite the armed conflict in Ukraine and sanctions on Russia. With the exception of China, our travel retail business has rebounded to near pre-pandemic levels.”

“The strength of the dollar masked the gains made by our European operations in 2022, which grew 12 percent in U.S. dollars and 20 percent in constant currency. All major brands including Montblanc, Jimmy Choo, Coach grew by double digits and net sales were also buoyed by a full year of Moncler; our debut product for the brand launched late in 2021,” Madar added.

The company said, Guess brand sales rose by 24 percent, Oscar de la Renta by 19 percent, Abercrombie & Fitch by 28 percent, and Hollister by 16 percent. Removing newly added brands, like-for-like 2022 sales rose 24 percent.

The company expects 2023 net sales to be approximately 1.2 billion dollars, 10 percent ahead of 2022 net sales. Likewise, the company is raising its guidance for diluted earnings per share to 4 dollars, up 6 percent from 2022. The company’s former guidance called for net sales of 1.15 billion dollars and diluted earnings per share of 3.75 dollars.

Inter Parfums also announced that its board of directors approved a 25 percent increase in the company’s annual cash dividend rate to 2.50 dollars per share, payable quarterly.