Inter Parfums posts record sales year on stellar fourth quarter
Fragrance maker Inter Parfums Inc. announced on Monday full-year net sales for 2021 catapulted 63% compared to 2020, on the back of double-digit net sales growth in the fourth quarter.
The New York-based company said full-year net sales rose to $879.6 million, up 63% and 23% compared to $539 million in 2020 and $713.5 million in 2019. The maker of fragrances for international luxury brands Montblanc, Jimmy Choo and Coach attributed its record yearly sales surge to a stellar fourth quarter, recording net sales of $210.8 million, or a 15% increase from the same quarter last year, and 19% ahead of 2019.
By brand, Guess sales exceeded $100 million, joining fellow brands Montblanc, Jimmy Choo and Coach. As compared to 2019, Montblanc’s 2021 sales grew by 7%, Jimmy Choo by 34%, and both Coach and Guess by 41%.
The company said its mid-sized brands -- Abercrombie & Fitch, Hollister, Oscar de la Renta, Van Cleef & Arpels and Karl Lagerfeld -- made "significant gains", supplemented by first time sales from its newest brands, notably Kate Spade, MCM, Ferragamo, and Moncler.
By region, North America -- Inter Parfum's largest market -- achieved sales growth of 50% compared to 2019, while Western Europe and Asia grew sales by 9% and 15%, respectively, compared to 2019. Latin America and Eastern Europe also achieved top line growth of 22% and 26%, respectively, while the Middle East had a decline in sales compared to 2019.
"The new year has begun on a strong note. We have completed the integration of the Ferragamo and Ungaro brands and our new Italian subsidiary is now staffed and fully operational. We have a solid line-up of new product launches in the pipeline for many of our other brands," said Jean Madar, chairman and CEO of Inter Parfums.
Upcoming releases include a roll out of the first Moncler fragrance line in a series of selective points of sale, in addition to an entirely new men’s collection for Guess, scheduled for introduction in the spring.
In the third quarter, the company also plans to unveil new men’s lines for Coach and Boucheron, with brand extensions and flankers in the works for MCM, Abercrombie & Fitch, Hollister, Anna Sui, and Oscar de la Renta.
With better-than-expected sales in the final quarter of the year, Inter Parfums increased its guidance for 2021 net income per diluted share from $2.45 to $2.65. It also raised its 2022 guidance and now predicts net sales of $975 million, resulting in net income per diluted share of $3.00.
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