Nov 9, 2009
Inter Parfums third quarter beats Street, ups full-year view
Nov 9, 2009
Nov 9 (Reuters) - Fragrance maker Inter Parfums Inc (IPAR.O) posted a better-than-expected third-quarter profit, helped by strong sales of the Burberry brand and foreign exchange hedging activities, and raised its full-year 2009 forecast.
Paul Smith Man (Inter Parfums)
For the full-year, the company expects to earn 74 cents a share on sales of $400 million, up from its earlier view of 70 cents a share on sales of $390 million.
Analysts on average were expecting the company to earn 75 cents a share on revenue of $400.5 million, according to Thomson Reuters I/B/E/S.
For the third quarter, Inter Parfums, whose brands include Burberry, Van Cleef & Arpels and Christian Lacroix, earned $7.3 million, or 24 cents a share, compared with $6.2 million, or 20 cents a share, in the year-ago quarter.
Net sales fell 5 percent to $117.5 million as was earlier announced.
Burberry brand sales were up 19 percent in local currency. The company also benefitted from a pre-tax foreign currency gain of $0.9 million for the third quarter, relating to its hedging activities.
Analysts on average were expecting the company to earn 19 cents per share, before items.
Shares of the New York-based company closed at $11.39 Monday 9 November on Nasdaq. (Reporting by Abhishek Takle in Bangalore; Editing by Unnikrishnan Nair)
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