Inter Parfums, Inc. reported that for the three months ended March 31, 2022, net sales rose 26% to a first-quarter record of $250.7 million from $198.5 million in the same period last year. At comparable foreign currency exchange rates, consolidated first-quarter net sales increased 30%. The average dollar/euro exchange rate for the current first quarter was 1.12 compared to 1.20 In the first quarter of 2021. Inter Parfums plans to issue results for the 2022 first quarter on or about May 10, 2022.
Jean Madar, chairman and CEO of Inter Parfums noted, “The current first quarter was exceptionally strong with significant sales gains by our largest brands. Montblanc, Jimmy Choo, Coach and GUESS brand sales rose 22%, 7%, 22% and 36%, respectively. During the first quarter, we debuted Montblanc Legend Red, a new Coach signature scent extension, and GUESS Uomo which contributed to the double-digit brand sales gains. Many of our mid-sized brands, including Abercrombie & Fitch, Kate Spade, Oscar de la Renta, and Van Cleef & Arpels, also achieved double-digit sales gains. The surge in first-quarter sales also reflects incremental sales generated by MCM and Moncler, two newer brands whose initial products debuted in the second and fourth quarters of 2021, respectively. Similarly, initial sales of Ferragamo and Ungaro legacy scents contributed to the first-quarter sales increase.
First-quarter sales in our largest market, North America, rose 12%, followed by Western Europe and Asia/Pacific where comparable quarter sales in both regions increased 41%. Our sales in the Middle East, Central and South America, and Eastern Europe were also robust, up 27%, 38% and 13%, respectively. Additionally, our travel retail business is beginning to show signs of renewed life.
The first quarter started on a strong note. Our brands are in high demand in a robust environment for the fragrance industry. We have a large number of brand extensions across many of our brands launching throughout the year plus Boucheron Singulier and Coach Open Road, entirely new men’s pillars, in the second half. Our new Paris headquarters are now staffed and operational as is our new Italian subsidiary. Plus, in July Donna Karan and DKNY fragrances will join our brand portfolio. We remain extremely optimistic about the remainder of this year and the years ahead."
Russell Greenberg, executive vice president and chief financial officer, concluded, “We continue to look for 2022 net sales to approximate $975 million, resulting in net income per diluted share of $3.00. Our 2022 guidance assumes that the average dollar/euro exchange rate remains at current levels, and there is no significant resurgence of the COVID-19 pandemic.”