Inter Parfums, Inc. Reports 37.1% Increase in 2021 First Quarter Sales
April 20 2021 - 4:05PM
Business Wire
Raises 2021
Guidance
Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported that for
the three months ended March 31, 2021, net sales rose 37.1% to
$198.5 million from $144.8 million in the first quarter of 2020. At
comparable foreign currency exchange rates, consolidated first
quarter net sales increased 32.7%. The average dollar/euro exchange
rate for the current first quarter was 1.20 compared to 1.10 in the
first quarter of 2020. Inter Parfums plans to issue results for the
2021 first quarter on or about May 10, 2021.
Net Sales:
Three months ended March
31,
(in millions)
2021
% Change
2020
2019
European based product sales
$159.7
40.0%
$114.1
$143.7
United States based product sales
38.8
26.2%
30.7
34.5
$198.5
37.1%
$144.8
$178.2
Jean Madar, Chairman & CEO of Inter Parfums noted,
“Continuing the rebound that began in the second half of 2020,
sales for the first three months of 2021 set a first quarter
record. Not only were 2021 first quarter sales 37.1% ahead of
2020’s admittedly depressed first quarter, but they were also 11.4%
ahead of 2019’s first quarter sales of $178.2 million. With regard
to our largest brands within European operations, Montblanc, Jimmy
Choo, Coach, and Lanvin, sales rose 27.4%, 66.7%, 8.8% and 91.2%,
respectively. Montblanc legacy scents were responsible for the
increase in brand sales; the same holds for Lanvin fragrances with
a major sales boost in the brand’s major markets, Eastern Europe
and Asia. The increase in Coach sales was more of a function of a
weaker dollar rather than increased sales volume; in 2020
comparable quarter sales rose 35.9% due in great part to the
pre-pandemic launch of Coach Dreams early in the year. The
combination of the strong sales by established Jimmy Choo scents
along with the first quarter launch of I Want Choo produced the
exceptional gain in first quarter brand sales. Initial and very
promising sales of Kate Spade New York, our first new fragrance for
the brand, also pushed first quarter sales to a new record as did
the launch of our eco-friendly scent, Rochas Girl.”
Discussing U.S. operations Mr. Madar continued, “With little
exception, our U.S. brands also produced strong growth in the first
quarter. GUESS, our largest brand, continued to benefit from a
combination of legacy fragrance sales and initial distribution of
Bella Vita. We’ve had strong replenishment orders for the Authentic
Night duo by Abercrombie & Fitch which debuted late last year
while first quarter shipments of the Canyon Escape duo drove
Hollister brand sales growth. Dunhill made a comeback with the
solid performance of the brand’s new signature scent. Debuting in
limited distribution toward the end of the first quarter was our
MCM signature scent, our first scent for this brand, with global
rollout now underway. The first quarter decline in Anna Sui brand
sales following the 62.3% increase in the 2020 fourth quarter, was
primarily due to the launch of Sky in the 2020 fourth quarter. The
limited duty free/travel retail market also factored into the
decline in Anna Sui brand sales. However, we have significant Anna
Sui open orders and look forward to improving brand sales as the
year unfolds. Our newest Oscar de la Renta scent, Alibi, was
unveiled late in the first quarter with broader distribution now in
process.”
Mr. Madar concluded, “In addition to the ongoing rollouts of our
newer programs, for European operations, we have a new Lanvin
women’s line debuting along with brand extensions unveiling for
Montblanc Explorer, Coach Dreams, and Jimmy Choo Urban Hero. For
U.S. operations, the newest pillar for Abercrombie & Fitch,
once again a duo, is shipping in the second quarter as is Dunhill’s
new Driven collection for men.”
RAISES 2021 GUIDANCE
Mr. Greenberg stated, “The first quarter set the stage for a
year of strong growth, despite meaningful travel retail headwinds.
With firm orders, current inventory levels, and somewhat better
visibility, we now look for 2021 net sales to come in at
approximately $700 million, resulting in diluted net income per
share of $1.65.” Guidance assumes that the average dollar/euro
average exchange rate remains at current levels and that there is
no significant resurgence of the COVID-19 pandemic.
Founded in 1982, Inter Parfums, Inc. develops, manufactures and
distributes prestige perfumes and cosmetics as the exclusive
worldwide licensee for Abercrombie & Fitch, Anna Sui,
Boucheron, Coach, Dunhill, Graff, GUESS, Hollister, Jimmy Choo,
Karl Lagerfeld, Kate Spade New York, MCM, Moncler, Montblanc, Oscar
de la Renta, Paul Smith, Repetto, S.T. Dupont and Van Cleef &
Arpels. Inter Parfums is also the owner of Lanvin fragrances and
the Rochas brand. Through its global distribution network, the
Company’s products are sold in over 120 countries.
Statements in this release which are not historical in nature
are forward-looking statements. Although we believe that our plans,
intentions and expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
plans, intentions or expectations will be achieved. In some cases
you can identify forward-looking statements by forward-looking
words such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "should," "will," and "would," or
similar words. You should not rely on forward-looking statements,
because actual events or results may differ materially from those
indicated by these forward-looking statements as a result of a
number of important factors. These factors include, but are not
limited to, the risks and uncertainties discussed under the
headings “Forward Looking Statements” and "Risk Factors" in Inter
Parfums' annual report on Form 10-K for the fiscal year ended
December 31, 2020 and the reports Inter Parfums files from time to
time with the Securities and Exchange Commission. Inter Parfums
does not intend to and undertakes no duty to update the information
contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210420006140/en/
Inter Parfums, Inc. Russell Greenberg, Exec. VP & CFO (212)
983-2640 rgreenberg@interparfumsinc.com www.interparfumsinc.com
-or- Investor Relations Counsel The Equity Group Inc. Fred
Buonocore (212) 836-9607/fbuonocore@equityny.com Linda Latman (212)
836-9609/llatman@equityny.com www.theequitygroup.com
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