Inter Parfums raises outlook after strong Q1

For the first quarter, Inter Parfums, Inc. net sales rose to 312 million dollars, a 24 percent increase. At comparable foreign currency exchange rates, net sales increased 27 percent.

The company has raises its sales and earnings forecast after reporting strong first quarter growth.

Commenting on the trading update, Jean Madar, chairman & chief executive officer of Inter Parfums stated: “Net sales for the quarter were not only a first quarter record but were also the highest for any quarter in our history. Our European operations grew sales by 26 percent in dollars or 29 percent in constant currency with our three largest brands generating exceptional growth. In dollars, Jimmy Choo, Montblanc and Coach sales rose 63 percent, 28 percent, and 24 percent, respectively.”

“Our U.S. operations also had a strong start growing 19 percent off a high 2022 base when first quarter sales had expanded 77 percent driven by the addition and extension of Donna Karan and DKNY to our portfolio and double-digit growth for Ferragamo and Oscar de la Renta, following successful brand extensions,” added Madar.

Commenting on the outlook, Michel Atwood, the company’s chief financial officer said: “With first quarter sales further exceeding our expectations, we are raising our 2023 guidance calling for net sales of 1.25 billion dollars up from 1.2 billion dollars resulting in earnings per diluted share of 4.25 dollars up from 4 dollars.”