Inter Parfums has released its financial results for Q1 2018.
According to the company, net sales reached $171.8 million, a 20.1% increase from $143.1 million in Q1 2017.
Jean Madar, Chairman & CEO of Inter Parfums stated, “Montblanc fragrance sales rose nearly 33% with continuing growth supported by the Legend line's enduring strength and the rollout of Legend Night launched in the 2017 second half. While in last year’s first quarter, Jimmy Choo fragrance sales rose 57% due in great part to the launches of the Jimmy Choo L’Eau and Jimmy Choo Man Ice lines, 2018 first quarter brand sales declined 28%; however, improvement in brand sales is anticipated as the year unfolds with the introduction of Jimmy Choo Man Blue and Jimmy Choo Fever. Coach fragrances have displayed remarkable growth with brand sales up 242% from last year’s first quarter. Increased Coach sales were driven both by the continuing success of the men's signature fragrance line launched at the end of 2017, and the recent debut of the women's line, Coach Floral. While there were actual sales gains for most of the other brands, including Karl Lagerfeld, Boucheron and Van Cleef & Arpels, the strength of the euro magnified the sales performances of Lanvin and Rochas, whose sales were down slightly in local currency, but in dollars, were up 10% and 14%, respectively.”
On the subject of U.S.-based operations, Madar added, “While Anna Sui and Oscar de la Renta, two of the larger brands in the group, showed good comparable quarterly net sales increases coinciding with new product introductions, we expect far better quarterly sales comparisons as the year progresses as we unveil new products for many of our other brands and commence sales of Guess brand fragrances in the second quarter.”
Russell Greenberg, executive vice president and CFO stated, said, “Factoring in our strong first quarter sales performance and our initial estimates of Guess fragrance sales, we are increasing our 2018 guidance. We are now looking for net sales to approximate $665 million and for net income per diluted share attributable to Inter Parfums, Inc. to come in at $1.59, representing an increase of 7.3% and 10.4%, from our prior sales and earnings guidance, respectively. Guidance assumes the dollar remains at current levels.”