Inter Parfums quarterly sales lift on Coach, Jimmy Choo
International fragrance manufacturer and distributor Inter Parfums said on Monday that sales in the third quarter gained beyond expectations, on the back of strong revenues across its Coach and Jimmy Choo lines globally.
Inter Parfums, which holds the perfume license for brands such as Jimmy Choo, Montblanc and Coach, said net sales reached $177.2 million, up 4.5% from $169.5 million, or 5.4% at comparable currency exchange rates.
Net income increased 10.9% to $18.9 million compared to $17.1 million, while net income per diluted share rose 9.1% to $0.60 from $0.55.
Sales by European based operations rose 2.4% to $137.8 million from $134.6 million, pushed on by double-digit revenue growth at Coach and Jimmy Choo, explained Inter Parfums CEO, Jean Madar, despite a lack of new products.
“Jimmy Choo and Coach, two of our largest brands, achieved 19.7% and 40.9% third quarter sales growth, respectively, all the more impressive in the absence of major new product launches," said Madar.
"In fact, the nearly 12% year-to-date increase in net sales by European based operations was primarily due to brand extensions for the best sellers among our largest brands," he continued.
The New York-based company's U.S. operations recorded sales of $39.4 million, up 12.9% from $34.9 million, helped by the second-quarter launch of Guess fragrances and additional product rollouts from Abercrombie & Fitch and Hollister.
"Additionally, with the popularity of Anna Sui fragrances throughout Asia, we continue to enjoy dramatic increases in brand sales in that region," added Madar.
Year-to-date, Inter Parfums' three largest markets -- North America, Western Europe and Asia -- achieved sales growth of 18%, 9% and 22%, respectively.
The Middle East and Eastern Europe grew by 11% and 12%, respectively, while Central and South America sales remained flat compared to the same period last year.
Looking ahead, Inter Parfums said it expects full-year earnings to be $1.61 per share, with revenue expected to be $665 million.
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