For the second quarter, Inter Parfums, Inc. reported net sales of 244.7 million dollars, up 18 percent compared to the same period last year.
Net income for the quarter reached 27.6 million dollars, up 22 percent and diluted earnings per share were 86 cents, an increase of 21 percent against the same quarter last year.
Commenting on the second quarter trading, Jean Madar, chairman & CEO of Inter Parfums, Inc. said: “Business continues to be very strong. Year-to-date, all regions outperformed last year with the understandable exception of Eastern Europe.
The company’s sales in North America, Western Europe, and Asia, the three largest markets, rose 8 percent, 40 percent and 39 percent, respectively. Similarly, the company’s smaller markets posted sales growth of 31 percent in the Middle East and 35 percent in Central and South America.
Inter Parfums said in a statement that North American sales throughout the first half were hit due to the company’s U.S. distribution subsidiary for European based products encountering shipping related issues following a change in the distribution software by its logistics partner.
Through the first half, the company’s largest brands, Montblanc, Jimmy Choo, Coach and Guess reported sales increase of 14 percent or 25 percent in euro, 6 percent or 16 percent in euro, 17 percent or 29 percent in euro and 37 percent, respectively.
In the current first half, the company added that it booked sales of the first Moncler fragrance along with Ferragamo and Ungaro legacy fragrance sales that were not included in the 2021 reported first half sales.
Sales of several brands within the U.S. operations rose, notably Abercrombie & Fitch, Hollister and Oscar de la Renta which produced year-to-date sales gains of 50 percent, 35 percent and 26 percent, respectively. MCM, which debuted its first ever scent in the second quarter of last year, ranks third in sales among our U.S. based brands.
This year, the company has brought Montblanc Legend Red, Coach Wild Rose and Coach Dreams Sunset, Guess Uomo, Kate Spade Sparkle, Jimmy Choo Man Aqua and Lanvin Mon Éclat to market. Effective July 1, 2022, the Donna Karan and DKNY fragrance business joins the company’s portfolio.
“Record year-to-date sales combined with orders scheduled for shipment in the second half of the year point to 2022 net sales of approximately 1 billion dollars, resulting in diluted net income per share of 3.25 dollars. Guidance assumes that the average dollar/euro exchange rate remains at current levels, and there is no significant resurgence of the Covid-19 pandemic,” added Russell Greenberg, executive vice president and CFO, Inter Parfums.
The company’s regular quarterly cash dividend of 50 cents per share will be paid on September 30, 2022 to shareholders of record on September 15, 2022.