Form 10-Q/A - Quarterly report [Sections 13 or 15(d)]: [Amend]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

Amendment No. 1

(MARK ONE)

☒

Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2023.

☐

Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ___________to ________.

Commission File No. 0-16469

INTER PARFUMS, INC.

(Exact name of registrant as specified in its charter)

Delaware		13-3275609
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

551 Fifth Avenue, New York, New York 10176

(Address of Principal Executive Offices) (Zip Code)

(212) 983-2640

(Registrants telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.001 par value per share		IPAR		The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act).

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐ (Do not check if a smaller reporting company)	Smaller reporting company ☐
	Emerging Growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

At November 7, 2023, there were 31,980,805 shares of common stock, par value $.001 per share, outstanding.

Explanatory Note

Inter Parfums, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (this “Amendment”) to its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, which was originally filed with the Securities and Exchange Commission on November 7, 2023 (the “Original Filing”). This Amendment is being filed to correct one line item in the Consolidated Statements of Changes in Equity, “Noncontrolling interest, end of period” as at September 30, 2023 from $697,321 to $186,558. The Company believes, although it is uncertain, that the incorrect number was caused by either a glitch in the software used in connection with the preparation of, or conversion into, the Original Filing, or third-party operator error.

Other than as expressly set forth herein, this Amendment does not, and does not purport to, amend, update or restate the information in Original Filing or reflect any events that have occurred after the Original Filing was made. Information not affected by this Amendment remains unchanged and reflects the disclosures made at the time as of which the Original Filing was made. No changes other than as set forth above have been made to the financial statements of the Company as contained in the Original Filing. Accordingly, this Amendment should be read together with the Original Filing and the other filings of the Company with the SEC.

INTER PARFUMS, INC. AND SUBSIDIARIES

INDEX

				Page Number

Part I. Financial Information				1

	Item 1.	Financial Statements

			Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022	2

			Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2023 and September 30, 2022	3

			Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and September 30, 2022	4

			Consolidated Statements of Changes in Equity for the Nine Months Ended September 30, 2023 and September 30, 2022	5

			Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and September 30, 2022	6

			Notes to Consolidated Financial Statements	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		26

	Item 4.	Controls and Procedures		27

Part II. Other Information				27

	Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities		27

	Item 6.	Exhibits		28

Signatures				29

INTER PARFUMS, INC. AND SUBSIDIARIES

Part I. Financial Information

Item 1.

Financial Statements

In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly our financial position, results of operations and cash flows for the interim periods presented. We have condensed such financial statements in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, such financial statements do not include all disclosures required by accounting principles generally accepted in the United States of America. In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the consolidated financial statements were issued by filing with the SEC. These financial statements should be read in conjunction with our audited financial statements for the year ended December 31, 2022, included in our annual report filed on Form 10-K.

The results of operations for the nine months ended September 30, 2023, are not necessarily indicative of the results to be expected for the entire fiscal year.

Page 1

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands except share and per share data)

(Unaudited)


ASSETS
	September 30, 2023			December 31, 2022
Current assets:
Cash and cash equivalents	$	79,764		$	104,713
Short-term investments		103,745			150,833
Accounts receivable, net		288,085			197,584
Inventories		364,270			289,984
Receivables, other		13,645			28,803
Other current assets		26,847			15,650
Income taxes receivable		498			157
Total current assets		876,854			787,724
Property, equipment and leasehold improvements, net		163,002			166,722
Right-of-use assets, net		29,359			27,964
Trademarks, licenses and other intangible assets, net		286,697			290,853
Deferred tax assets		16,063			11,159
Other assets		22,422			24,120
Total assets	$	1,394,397		$	1,308,542

LIABILITIES AND EQUITY
Current liabilities:
Loans payable - banks	$	4,501		$	—
Current portion of long-term debt		41,768			28,547
Current portion of lease liabilities		5,687			5,296
Accounts payable – trade		87,161			88,388
Accrued expenses		200,065			213,621
Income taxes payable		23,913			8,715
Total current liabilities		363,095			344,567

Long–term debt, less current portion		128,983			151,494
Lease liabilities, less current portion		25,452			24,335

Equity:
Inter Parfums, Inc. shareholders’ equity:
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued		—			—
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 31,980,805 and 31,967,300 shares at September 30, 2023 and December 31, 2022, respectively		32			32
Additional paid-in capital		95,752			90,186
Retained earnings		703,091			620,095
Accumulated other comprehensive loss		(59,802	)		(56,056	)
Treasury stock, at cost, 9,949,865 and 9,864,805 shares at September 30, 2023 and December 31, 2022, respectively		(48,764	)		(37,475	)
Total Inter Parfums, Inc. shareholders’ equity		690,309			616,782
Noncontrolling interest		186,558			171,364
Total equity		876,867			788,146
Total liabilities and equity	$	1,394,397		$	1,308,542

See notes to consolidated financial statements.

Page 2

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In thousands except per share data)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022

Net sales	$	367,969		$	280,462		$	988,936		$	775,865

Cost of sales		132,962			98,562			362,568			281,525

Gross margin		235,007			181,900			626,368			494,340

Selling, general and administrative expenses		147,805			117,424			393,866			323,249

Income from operations		87,202			64,476			232,502			171,091

Other expenses (income):
Interest expense		2,397			682			7,030			2,589
(Gain) loss on foreign currency		(669	)		273			(656	)		(2,245	)
Interest and investment income		(1,062	)		(3,343	)		(8,421	)		(2,341	)
Other (income) expense		(77	)		346			(125	)		(98	)

Nonoperating expense (income)		589			(2,042	)		(2,172	)		(2,095	)

Income before income taxes		86,613			66,518			234,674			173,186

Income taxes		20,493			13,221			55,128			39,078

Net income		66,120			53,297			179,546			134,108

Less: Net income attributable to the noncontrolling interest		12,906			11,874			37,312			29,769

Net income attributable to Inter Parfums, Inc.	$	53,214		$	41,423		$	142,234		$	104,339

Earnings per share:

Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	1.66		$	1.30		$	4.44		$	3.28
Diluted	$	1.66		$	1.30		$	4.42		$	3.26

Weighted average number of shares outstanding:
Basic		31,976			31,860			32,000			31,848
Diluted		32,124			31,968			32,149			31,977

Dividends declared per share	$	0.625		$	0.50		$	1.875		$	1.50

See notes to consolidated financial statements.

Page 3

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Comprehensive income:

Net income	$	66,120		$	53,297		$	179,546		$	134,108

Other comprehensive income:

Net derivative instrument (loss) gain, net of tax		(363	)		1,315			(4,606	)		(173	)

Transfer from OCI into earnings		—			—			1,709			992

Translation adjustments, net of tax		(15,692	)		(32,944	)		(2,657	)		(79,015	)

Comprehensive income		50,065			21,668			173,992			55,912

Comprehensive income attributable to the noncontrolling interests:

Net income		12,906			11,874			37,312			29,769

Other comprehensive income:

Net derivative instrument (loss) gain, net of tax		(100	)		362			(327	)		(49	)

Translation adjustments, net of tax		(4,892	)		(10,012	)		(1,481	)		(24,174	)

Comprehensive income attributable to the noncontrolling interests		7,914			2,224			35,504			5,546

Comprehensive income attributable to Inter Parfums, Inc.	$	42,151		$	19,444		$	138,488		$	50,366

See notes to consolidated financial statements.

Page 4

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In thousands)

(Unaudited)


	Nine months ended September 30,
	2023			2022

Common stock, beginning and end of period	$	32		$	32
		-			-
		32			32
Additional paid-in capital, beginning of period		90,186			87,132
Shares issued upon exercise of stock options		5,523			1,816
Share-based compensation		935			1,017
Purchase of subsidiary shares		(892	)		(4,305	)
Additional paid-in capital, end of period		95,752			85,660

Retained earnings, beginning of period		620,095			560,663
Net income		142,234			104,339
Dividends		(60,058	)		(47,782	)
Share-based compensation		820			1,664
Retained earnings, end of period		703,091			618,884

Accumulated other comprehensive loss, beginning of period		(56,056	)		(38,432	)
Foreign currency translation adjustment, net of tax		(1,176	)		(54,841	)
Transfer from other comprehensive income into earnings		1,709			992
Net derivative instrument loss, net of tax		(4,279	)		(124	)
Accumulated other comprehensive loss, end of period		(59,802	)		(92,405	)

Treasury stock, beginning of period		(37,475	)		(37,475	)
Shares repurchased		(11,289	)		—
Treasury stock, end of period		(48,764	)		(37,475	)

Noncontrolling interest, beginning of period		171,364			166,412
Net income		37,312			29,769
Foreign currency translation adjustment, net of tax		(1,481	)		(24,174	)
Net derivative instrument loss, net of tax		(327	)		(49	)
Share-based compensation (adjustment)		133			(353	)
Purchase of subsidiary shares		(142	)		(152	)
Transfer of subsidiary shares purchased		—			55
Dividends		(20,301	)		(16,056	)
Noncontrolling interest, end of period		186,558			155,452
		788,146			738,332
		179,546			134,108
Total equity	$	876,867		$	730,148

See notes to consolidated financial statements.

Page 5

INTER PARFUMS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Nine months ended September 30,
	2023			2022
Cash flows from operating activities:
Net income	$	179,546		$	134,108
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		12,781			10,936
Provision for doubtful accounts		(560	)		2,004
Noncash stock compensation		1,887			2,353
Share of income of equity investment		(125	)		(98	)
Noncash lease expense		4,163			4,074
Deferred tax benefit		(5,075	)		(3,658	)
Change in fair value of derivatives		740			1,348
Changes in:
Accounts receivable		(96,076	)		(89,605	)
Inventories		(76,786	)		(109,377	)
Other assets		3,077			2,615
Operating lease liabilities		(4,044	)		(3,887	)
Accounts payable and accrued expenses		(10,919	)		26,406
Income taxes, net		15,669			14,606

Net cash provided by (used in) operating activities		24,278			(8,175	)

Cash flows from investing activities:
Purchases of short-term investments		(145,427	)		(2,862	)
Proceeds from sale of short-term investments		192,568			5,346
Purchases of property, equipment and leasehold improvements		(4,574	)		(32,615	)
Payment for intangible assets acquired		(2,063	)		(3,757	)

Net cash provided by (used in) investing activities		40,504			(33,888	)

Cash flows from financing activities:
Proceeds from loans payable, bank		4,501			—
Proceeds from issuance of long-term debt		13,680			—
Repayment of long-term debt		(22,527	)		(14,210	)
Proceeds from exercise of options		5,523			1,816
Purchase of subsidiary shares from noncontrolling interest		—			(4,402	)
Dividends paid		(60,058	)		(47,782	)
Dividends paid to noncontrolling interest		(20,301	)		(16,056	)
Purchase of treasury stock		(11,289	)		—

Net cash used in financing activities		(90,471	)		(80,634	)

Effect of exchange rate changes on cash		740			(4,413	)

Net decrease in cash and cash equivalents		(24,949	)		(127,110	)

Cash and cash equivalents - beginning of period		104,713			168,387

Cash and cash equivalents - end of period	$	79,764		$	41,227

Supplemental disclosure of cash flow information:
Cash paid for:
Interest	$	4,659		$	2,091
Income taxes		44,693			27,718

See notes to consolidated financial statements.

Page 6

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Significant Accounting Policies:

The accounting policies we follow are set forth in the notes to our consolidated financial statements included in our Form 10-K, which was filed with the Securities and Exchange Commission for the year ended December 31, 2022.

Impact of COVID-19 Pandemic:

Our business has continued to significantly improve throughout 2022 and the first three quarters of 2023 after the disastrous effects of the COVID-19 Pandemic starting in early 2020, as retail stores reopened, and consumers increased online purchasing. While the COVID-19 Pandemic had significantly restricted international travel, the travel retail business has picked up. Lastly, we experienced significant strains on our supply chain causing disruptions affecting the procurement of components, the ability to transport goods, and related cost increases. These disruptions came at a time when demand for our product lines has never been stronger or more sustained. We have addressed this issue since the beginning of 2021, by ordering well in advance of need and in larger quantities. Since 2021, we have strived to carry more inventory overall, source the same components from multiple suppliers and when possible, manufacture products closer to where they are sold. The supply chain bottlenecks have been improving and while lead times remain longer than pre-COVID, we do not expect significant disruptions going forward.

Recent Agreements:

Roberto Cavalli

In July 2023, we closed a transaction agreement with Roberto Cavalli, whereby an exclusive and worldwide license was granted for the production and distribution of Roberto Cavalli brand perfumes and fragrance related products. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. The license became effective in July 2023 and will last for 6.5 years.

Lacoste

In December 2022, we closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted for the production and distribution of Lacoste brand perfumes and cosmetics. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. The license becomes effective in January 2024 and will last for 15 years.

Dunhill

The Dunhill fragrance license has expired on September 30, 2023 and will not be renewed. The Company has now entered the twelve month sell-off period during which it will maintain the right to sell-off remaining Dunhill fragrance inventory, which is customary in the fragrance industry. All usable components have been converted to finished goods, and any remaining components will be destroyed.

Donna Karan and DKNY

In September 2021, we entered into a long-term global licensing agreement for the creation, development and distribution of fragrances and fragrance related products under the Donna Karan and DKNY brands. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. With this agreement, we have gained several well-established and valuable fragrance franchises, most notably Donna Karan Cashmere Mist and DKNY Be Delicious, as well as a significant loyal consumer base around the world. In connection with the grant of license, we issued 65,342 shares of Inter Parfums, Inc. common stock to the licensor valued at $5.0 million. The exclusive license became effective July 1, 2022, and we are planning to launch new fragrances under these brands in 2024.

Page 7

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Rochas Fashion

Effective January 1, 2021, we entered into a new license agreement modifying our Rochas fashion business model. The new agreement calls for a reduction in royalties to be received. As a result, in the first quarter of 2021, we took a $2.4 million impairment charge on our Rochas fashion trademark. In the fourth quarter of 2022, we again took a $6.8 million impairment charge on the Rochas fashion trademark after an independent expert concluded that the valuation of the trademark was $11.3 million. The new license also contains an option for the licensee to buy-out the Rochas fashion trademarks in June 2025 at its then fair market value.

Land and Building Acquisition - Headquarters in Paris

In April 2021, Interparfums SA, our 72% owned French Subsidiary, completed the acquisition of its headquarters at 10 rue de Solférino in the 7th arrondissement of Paris from the property developer. This is an office complex combining three buildings connected by two inner courtyards, and consists of approximately 40,000 total sq. ft.

The purchase price included the complete renovation of the site. As of September 30, 2023, $148.1 million of the purchase price, including approximately $3 million of acquisition costs, is included in property, equipment and leasehold improvements on the accompanying balance sheet. The purchase price has been allocated approximately $60.7 million to land and $87.4 million to the building. The building, which was delivered on February 28, 2022, includes the building structure, development of the property, façade waterproofing, general and technical installations and interior fittings that will be depreciated over a range of 7 to 50 years. The Company has elected to depreciate the building cost based on the useful lives of its components. Approximately $1.2 million of cash held in escrow is also included in property, equipment and leasehold improvements on the accompanying balance sheet as of September 30, 2023.

The acquisition was financed by a 10-year €120 million (approximately $127.1 million) bank loan which bears interest at one-month Euribor plus 0.75%. Approximately €80 million of the variable rate debt was swapped for variable interest rate debt with a maximum rate of 2% per annum. The swap effectively exchanges the variable interest rate to a fixed rate of approximately 1.1%.

Recent Accounting Pronouncements:

There are no recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.

Page 8

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Inventories:

Inventories consist of the following:

(In thousands)	September 30, 2023		December 31, 2022
Raw materials and component parts	$	151,344	$	146,772
Finished goods		212,926		143,212

Inventories	$	364,270	$	289,984

Fair Value Measurement:

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.


			Fair Value Measurements at September 30, 2023
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	103,745	$	10,177	$	92,776	$	792
Interest rate swaps		6,274		—		6,274		—

Total asset	$	110,019	$	10,177	$	99,050	$	792
Liabilities:
Foreign currency forward exchange contracts not accounted for using hedge accounting	$	791	$	—	$	791	$	—
Foreign currency forward exchange contracts accounted for using hedge accounting		489		—		489		—

Total liabilities	$	1,280	$	—	$	1,280	$	—

Page 9

INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements


			Fair Value Measurements at December 31, 2022
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	150,833	$	19,861	$	130,174	$	798
Interest rate swaps		6,758		—		6,758		—
Foreign currency forward exchange contracts accounted for using hedge accounting		1,189		—		1,189		—

Total asset	$	158,780	$	19,861	$	138,121	$	798
Liabilities:
Foreign currency forward exchange contracts not accounted for using hedge accounting		68		—		68		—

Total liabilities	$	68	$	—	$	68	$	—

The carrying amount of cash and cash equivalents including money market funds, short-term investments, accounts receivable, other receivables, cash held in escrow, accounts payable and accrued expenses approximate fair value due to the short terms to maturity of these instruments.

The carrying amount of loans payable approximates fair value as the interest rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was estimated based on the current rates offered to companies for debt with the same remaining maturities and is approximately equal to its carrying value.

Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest rate swaps are the discounted net present value of the swaps using third party quotes from financial institutions.

Derivative Financial Instruments:

The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Before entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness exists between the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the hedged item. The effectiveness of each hedged item is measured throughout the hedged period and is based on the dollar offset methodology and excludes the portion of the fair value of the foreign currency forward exchange contract attributable to the change in spot-forward difference which is reported in current period earnings. Any hedge ineffectiveness is also recognized as a gain or loss on foreign currency in the income statement. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued, and gains and losses accumulated in other comprehensive income are reclassified to earnings. If it is probable that the forecasted transaction will no longer occur, then any gains or losses accumulated in other comprehensive income are reclassified to current-period earnings.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

In December 2022, to finance the acquisition of the Lacoste trademark, the Company entered into a €50 million (approximately $53 million) 4-year term loan with a variable interest rate. This variable rate debt was swapped for variable interest rate debt with a maximum rate of 2% per annum. This swap is a hedged derivative instrument and is therefore recorded at fair value and changes in fair value are reflected in other comprehensive income.

In connection with the April 2021 acquisition of the office building complex in Paris, €120 million (approximately $127.1 million) of the purchase price was financed through a 10-year term loan. The Company entered into interest rate swap contracts related to €80 million of the loan, effectively exchanging the variable interest rate to a fixed rate of approximately 1.1%. This derivative instrument is recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.

Gains and losses in derivatives designated as hedges are accumulated in other comprehensive income and gains and losses in derivatives not designated as hedges are included in (gain) loss on foreign currency on the accompanying income statements. Such gains and losses were immaterial for the three and nine months ended September 30, 2023 and 2022.

All derivative instruments are reported as either assets or liabilities on the balance sheet measured at fair value. The valuation of interest rate swaps is included in other assets on the accompanying balance sheets. The valuation of foreign currency forward exchange contracts at September 30, 2023 resulted in a net asset and is included in other current assets on the accompanying balance sheet.

At September 30, 2023, we had foreign currency contracts in the form of forward exchange contracts in the amount of approximately U.S. $58.0 million and GB £2.0 million which all have maturities of less than one year.

Leases:

The Company leases its offices and warehouses, vehicles, and certain office equipment, substantially all of which are classified as operating leases. The Company currently has no material financing leases. The Company determines if an arrangement is a lease at inception. Operating lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the lease term.

In determining lease asset value, the Company considers fixed or variable payment terms, prepayments, incentives, and options to extend or terminate, depending on the lease. Renewal, termination or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. The Company generally uses its incremental borrowing rate based on information available at the lease commencement date for the location in which the lease is held in determining the present value of lease payments.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

As of September 30, 2023, the weighted average remaining lease term was 5.4 years and the weighted average discount rate used to determine the operating lease liability was 3.0%. Rental expense related to operating leases was $1.5 million and $4.5 million for the three and nine months ended September 30, 2023, respectively, as compared to $1.2 million and $4.3 million for the corresponding periods of the prior year. Operating lease payments included in operating cash flows totaled $4.0 million and $3.9 million for the nine months ended September 30, 2023 and 2022, respectively, and noncash additions to operating lease assets totaled $5.7 million and $0.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Share-Based Payments:

The Company maintains a stock option program for key employees, executives and directors. The plans, all of which have been approved by shareholder vote, provide for the granting of both nonqualified and incentive options. Options granted under the plans typically have a six-year term and vest over a four to five-year period. The fair value of shares vested during the nine months ended September 30, 2023 and 2022 aggregated $0.10 million and $0.11 million, respectively. Compensation cost, net of forfeitures, is recognized on a straight-line basis over the requisite service period for the entire award. Forfeitures are estimated based on historic trends. It is generally our policy to issue new shares upon exercise of stock options.

The following table sets forth information with respect to nonvested options for the nine months ended September 30, 2023:

	Number of Shares			Weighted Average Grant-Date Fair Value
Nonvested options – beginning of period		168,730		$	16.31
Nonvested options granted		—			—
Nonvested options vested or forfeited		(27,625	)	$	13.91
Nonvested options – end of period		141,105		$	16.78

Share-based payment expense decreased income before income taxes by $0.62 million and $1.89 million for the three and nine months ended September 30, 2023, respectively, as compared to $0.47 million and $2.35 million for the corresponding periods of the prior year. Share-based payment expense decreased income attributable to Inter Parfums, Inc. by $0.41 million and $1.27 million for the three and nine months ended September 30, 2023, respectively, as compared to $0.34 million and $1.52 million for the corresponding periods of the prior year.

The following table summarizes stock option information as of September 30, 2023:

	Shares			Weighted Average Exercise Price

Outstanding at January 1, 2023		441,580		$	67.30
Options forfeited		(20,025	)		72.22
Options exercised		(98,565	)		56.03

Outstanding at September 30, 2023		322,990		$	70.43

Options exercisable		181,885		$	61.44
Options available for future grants		579,000

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INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

As of September 30, 2023, the weighted average remaining contractual life of options outstanding is 2.15 years (0.34 years for options exercisable); the aggregate intrinsic value of options outstanding and options exercisable is $20.64 million and $13.26 million, respectively; and unrecognized compensation cost related to stock options outstanding aggregated $1.7 million.

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2023 and 2022 were as follows:

(In thousands)	September 30, 2023		September 30, 2022

Cash proceeds from stock options exercised	$	5,523	$	1,816
Tax benefits		900		320
Intrinsic value of stock options exercised		6,135		2,105

There were no options granted during the nine months ended September 30, 2023 and September 30, 2022.

Expected volatility is estimated based on historic volatility of the Company’s common stock. The expected term of the option is estimated based on historic data. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would increase as the earnings of the Company and its stock price continues to increase.

In December 2018, Interparfums SA approved a plan to grant an aggregate of 26,600 shares of its stock to employees with no performance condition requirement, and an aggregate of 133,000 shares to officers and managers, subject to certain corporate performance conditions. The corporate performance conditions were met and therefore in June 2022, 211,955 shares, adjusted for stock splits, were distributed. The aggregate cost of the grant of approximately $4.8 million was recognized as compensation cost on a straight-line basis over the requisite three-year service period.

In March 2022, Interparfums SA approved an additional plan to grant an aggregate of 88,400 shares to all Interparfums SA employees and corporate officers having more than six months of employment at grant date, subject to certain corporate performance conditions. The shares, subject to adjustment for stock splits, will be distributed in June 2025 and will follow the same guidelines as the December 2018 plan.

The fair value of the grant had been determined based on the quoted stock price of Interparfums SA shares as reported by the NYSE Euronext on the date of grant. The estimated number of shares to be distributed of 92,998 has been determined taking into account employee turnover. The aggregate cost of the grant of approximately $4.2 million will be recognized as compensation cost on a straight-line basis over the requisite three and a quarter year service period.

Similar to the December 2018 plan, in order to avoid dilution of the Company’s ownership of Interparfums SA, all shares distributed or to be distributed pursuant to these plans will be pre-existing shares of Interparfums SA, purchased in the open market by Interparfums SA. As of September 30, 2023 the Company acquired 87,609 shares at an aggregate cost of $4.1 million.

All share purchases and issuances have been classified as equity transactions on the accompanying balance sheet.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

10.

Net Income Attributable to Inter Parfums, Inc. Common Shareholders:

Net income attributable to Inter Parfums, Inc. per common share (“basic EPS”) is computed by dividing net income attributable to Inter Parfums, Inc. by the weighted average number of shares outstanding. Net income attributable to Inter Parfums, Inc. per share assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares outstanding assuming the exercise of dilutive stock options using the treasury stock method.

The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:


	Three months ended				Nine months ended
(In thousands)	September 30,				September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to Inter Parfums, Inc.	$	53,214	$	41,423	$	142,234	$	104,339
Denominator:
Weighted average shares		31,976		31,860		32,000		31,848
Effect of dilutive securities:
Stock options		148		108		149		129
Denominator for diluted earnings per share		32,124		31,968		32,149		31,977

Earnings per share:
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	1.66	$	1.30	$	4.44	$	3.28
Diluted		1.66		1.30		4.42		3.26

There were no antidilutive potential common shares outstanding for the three and nine months ended September 30, 2023. Not included in the above computations are the effect of antidilutive potential common shares which consist of outstanding options to purchase 0.15 million shares of common stock for both the three and nine months ended September 30, 2022, respectively.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

11.

Segment and Geographic Areas:

The Company manufactures and distributes one product line, fragrances and fragrance related products. The Company manages its business in two segments, European based operations and United States based operations. The European assets are located, and operations are primarily conducted, in France. Both European operations and United States operations primarily represent the sale of prestige brand name fragrances.

Information on our operations by geographical areas is as follows:

(In thousands)	Three months ended September 30,					Nine months ended September 30,
	2023		2022			2023			2022
Net sales:
United States	$	134,469	$	82,183		$	327,359		$	229,129
Europe		233,500		198,318			661,577			546,787
Eliminations		—		(39	)		—			(51	)

	$	367,969	$	280,462		$	988,936		$	775,865

Net income attributable to Inter Parfums, Inc.:
United States	$	20,157	$	10,881		$	46,067		$	27,386
Europe		33,057		30,542			96,167			76,953

	$	53,214	$	41,423		$	142,234		$	104,339

						September 30,			December 31,
						2023			2022
Total Assets:
United States						$	340,375		$	278,090
Europe							1,083,843			1,052,004
Eliminations							(29,821	)		(21,552	)
						$	1,394,397		$	1,308,542

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Item 2:

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Information

Statements in this report 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, 2022, and the reports Inter Parfums files from time to time with the Securities and Exchange Commission (“SEC”). Inter Parfums does not intend to and undertakes no duty to update the information contained in this report.

Overview

We operate in the fragrance business, and manufacture, market and distribute a wide array of fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Certain prestige fragrance products are produced and marketed by our European operations through our 72% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 28% of Interparfums SA shares trade on the NYSE Euronext.

We produce and distribute our European based fragrance products primarily under license agreements with brand owners, and European based fragrance product sales represented approximately 67% and 70% of net sales for the nine months ended September 30, 2023 and 2022, respectively. We have built a portfolio of prestige brands, which include Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lanvin, Moncler, Montblanc, S.T. Dupont, Rochas and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world. In addition, our exclusive and worldwide license for the production and distribution of Lacoste brand perfumes and cosmetics becomes effective in January 2024.

Through our United States operations, we also market fragrance and fragrance related products. United States operations represented 33% and 30% of net sales for the nine months ended September 30, 2023 and 2022, respectively. These fragrance products are sold primarily pursuant to license or other agreements with the owners of the Abercrombie & Fitch, Anna Sui, Donna Karan, DKNY, Ferragamo, Graff, GUESS, Hollister, MCM, Oscar de la Renta, Roberto Cavalli and Ungaro brands.

Substantially all of our prestige fragrance brands are licensed from unaffiliated third parties, and our business is dependent upon the continuation and renewal of such licenses. With respect to the Company’s largest brands, we license the Montblanc, Coach, Jimmy Choo, GUESS, Donna Karan/DKNY and Ferragamo brand names. This diversified portfolio of top brands represented 74% of total sales for the first 9 months of 2023 up from 69% in 2022.

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INTER PARFUMS, INC. AND SUBSIDIARIES

As a percentage of net sales, product sales for the Company’s largest brands were as follows:

	Nine Months Ended September 30,
	2023			2022

Montblanc		18	%		19	%
Jimmy Choo		17	%		18	%
Coach		15	%		15	%
GUESS		11	%		11	%
Donna Karan/DKNY		7	%		1	%
Ferragamo		5	%		5	%

Quarterly sales fluctuations are influenced by the timing of new product launches as well as the third and fourth quarter holiday season. In certain markets where we sell directly to retailers, seasonality is more evident. We primarily sell directly to retailers in France, the United States, and Italy.

We grow our business in two distinct ways. First, we grow by adding new brands to our portfolio, through new licenses, other arrangements or out-right acquisitions of brands. Second, we grow through the introduction of new products and by supporting new and established products through advertising, merchandising and sampling as well as phasing out underperforming products so we can devote greater resources to those products with greater potential. The economics of developing, producing, launching and supporting products influence our sales and operating performance each year. Our introduction of new products may have some cannibalizing effect on sales of existing products, which we take into account in our business planning.

Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third-party fillers, which manufacture the finished product for us and then deliver them to one of our distribution centers.

As with any global business, many aspects of our operations are subject to influences outside our control. We believe we have a strong brand portfolio with global reach and potential. As part of our strategy, we plan to continue to make investments behind fast-growing markets and channels to grow market share.

Our reported net sales are impacted by changes in foreign currency exchange rates. A strong U.S. dollar has a negative impact on our net sales. However, earnings are positively affected by a strong dollar, because almost 50% of net sales of our European operations are denominated in U.S. dollars, while almost all costs of our European operations are incurred in euro. Conversely, a weak U.S. dollar has a favorable impact on our net sales while gross margins are negatively affected. We address certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments and primarily enter into foreign currency forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Impact of COVID-19 Pandemic

Please see our discussion of the Impact of the COVID-19 Pandemic, which is incorporated by reference to note 2 to the Consolidated Financial Statements contained in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.

Recent Important Events

Please see our discussion of Recent Important Events, which is incorporated by reference to note 3 to the Consolidated Financial Statements contained in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.

Discussion of Critical Accounting Policies

Information regarding our critical accounting policies can be found in our 2022 Annual Report on Form 10-K filed with the SEC.

Results of Operations

Three and Nine Months Ended September 30, 2023 as Compared to the Three and Nine Months Ended September 30, 2022

Net Sales:

(in millions)	Three months ended September 30,							Nine months ended September 30,
	2023		2022		% Change			2023		2022		% Change

European based product sales	$	233.5	$	198.3		18	%	$	661.5	$	546.7		21	%
United States based product sales		134.5		82.2		64	%		327.4		229.2		43	%
	$	368.0	$	280.5		31	%	$	988.9	$	775.9		27	%

Net sales for the three months ended September 30, 2023, increased 31% from the three months ended September 30, 2022. At comparable foreign currency exchange rates, net sales increased 27% from the third quarter of 2022 of which 7% is related to new brands. The average dollar/euro exchange rate for the current third quarter was 1.09 compared to 1.01 in the third quarter of 2022, while for the nine months ended September 2023 the average dollar/euro exchange rate was 1.08 compared to 1.06 in the nine months ended September 2022. Net sales for the nine months ended September 30, 2023, increased 27% as compared to the nine months ended September 2022. At comparable foreign currency exchange rates, net sales increased 26% from the nine months ended September 2022 of which 7% is related to new brands.

Continuing the trend from the first half of 2023, the current third quarter was exceptionally strong for both European and United States based operations, as net sales increased 18% and 64%, respectively, as compared to the corresponding period of the prior year. As previously disclosed, the third quarter growth rate is favorably impacted by a lower base in 2022 where more gift sets were shipped in the fourth quarter due to supply chain disruptions. We currently expect this phasing to adversely impact our fourth quarter growth rates.

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INTER PARFUMS, INC. AND SUBSIDIARIES

For European based operations, our largest brands, Coach, Montblanc, and Jimmy Choo sales rose 32%, 20% and 6%, respectively, as compared to the corresponding period of the prior year. Continuing the growth trend of the first half of 2023, third quarter sales by our United States operations grew substantially, up 64%, largely from the continued success of GUESS fragrances which performed exceedingly well during the quarter across all geographies and was up 59% from the third quarter of 2022. This was driven by the continued growth in sales of the Seductive line within GUESS. Of note, the significant growth in the quarter builds upon the 45% sales increase we reported for the third quarter of 2022. We also had strong sales of Ferragamo fragrances, which we have enriched with sister scents for the Signorina and Storie di Seta collections. During the quarter, we initiated Phase 1 of the Abercrombie & Fitch Fierce distribution roll-out. We began with introductory distribution of this iconic fragrance in select markets and expect the majority of the Phase 1 distribution to roll-out during the fourth quarter. The increase was also driven by the addition and extension of Donna Karan and DKNY to our portfolio. They have climbed to become our second largest United States based brand in just one year under our expertise.

The favorable trends in the first half of the year continued into the third quarter and we look forward to executing our plans for the remainder of the year. 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 in the fourth quarter of the year, including Guess Bella Vita Paradiso. In sum, 2023 has all the earmarks of another superb year as the growth catalysts currently far outweigh the headwinds, most notably the somewhat limited travel retail business in Asia and supply chain disruptions that have largely abated.

Net Sales to Customers by Region	Nine months ended September 30,
(In millions)	2023		2022

North America	$	370.1	$	284.7
Western Europe		242.8		196.3
Asia		138.1		120.2
Middle East		82.6		66.3
Eastern Europe		75.4		45.6
Central and South America		71.7		56.2
Other		8.2		6.6
	$	988.9	$	775.9

In the first three quarters of 2023, sales in our largest market, North America, rose 30%, followed by Western Europe and Asia where comparable three quarter year sales in both regions increased 24% and 15%, respectively. Our sales in Eastern Europe, Central and South America and the Middle East were also robust, up 65%, 28% and 25%, respectively. Additionally, our travel retail business is continuing to show signs of renewed life.

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INTER PARFUMS, INC. AND SUBSIDIARIES

	Three months ended						Nine months ended
*Gross Profit margin*	September 30,						September 30,
(in millions)	2023			2022			2023			2022

European operations
Net sales	$	233.5		$	198.2		$	661.5		$	546.7
Cost of sales		73.3			60.5			220.6			176.1
Gross margin	$	160.2		$	137.7		$	440.9		$	370.6
Gross margin as a % of net sales		68.6	%		69.5	%		66.6	%		67.8	%

United States operations
Net sales	$	134.5		$	82.2		$	327.4		$	229.1
Cost of sales		59.7			38.0			141.9			105.4
Gross margin	$	74.8		$	44.2		$	185.5		$	123.7
Gross margin as a % of net sales		55.6	%		53.8	%		56.7	%		54.0	%

The Company’s gross margin percentage was 63.9% and 63.3% for the three and nine months ended September 30, 2023 as compared to 64.9% and 63.7% for the three and nine months ended September 30, 2022, respectively. This decrease in gross margin percentage was largely driven by unfavorable segment mix as well as certain one time expenses related to inventory as discussed further below. Overall, the Company’s pricing actions have broadly compensated for cost inflation impacts.

For European based operations, gross profit margin as a percentage of net sales was 68.6% and 66.6% for the three and nine months ended September 30, 2023, respectively, as compared to 69.5% and 67.8% for the corresponding periods of the prior year. As previously disclosed, a key driver in the decrease in gross profit margin for European based operations in 2023 was due to an increase in inventory reserves in the second quarter of 2023 related to certain underperforming brands. As the Company experienced long lead times in obtaining and building inventory during the COVID-19 Pandemic, high levels of inventory investments were required to protect service levels. Excluding these one-time adjustments, gross margin as a percentage of sales for European based operations would be in line with the prior period, driven by increases in pricing and product mix, offset by cost inflation.

For United States operations, gross profit margin was 55.6% and 56.7% for the three and nine months ended September 30, 2023, respectively, as compared to 53.8% and 54.0% for the corresponding periods of the prior year. The significant margin expansion stems from a number of factors. Firstly, for the most part, the price increases we took in early 2023 weren’t fully offset by a higher cost of goods given our cost containment efforts. Secondly, we are seeing favorable brand and channel mix, as a larger portion of our higher priced fragrances are being sold directly to retailers as opposed to third-party distributors. Lastly, the significant increase in sales in the first three quarters of 2023 allowed us to better absorb fixed expenses such as depreciation and point of sale expenses, as compared to the corresponding period of the prior year.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Generally, we do not bill customers for shipping and handling costs, and such costs, which aggregated $3.9 million and $11.4 million for the three and nine months ended September 30, 2023, respectively, as compared to $5.5 million and $11.0 million for the corresponding periods of the prior year, are included in selling, general and administrative expenses in the consolidated statements of income. As such, our Company’s gross profit may not be comparable to that of other companies, which may include these expenses as a component of cost of goods sold.

	Three months ended						Nine months ended,
*Selling, general and administrative expenses*	September 30,						September 30,
(In millions)	2023			2022			2023			2022

European Operations
Selling, general and administrative expenses	$	98.7		$	83.4		$	265.2		$	231.2
Selling, general and administrative expenses as a percent of net sales		42.3	%		42.1	%		40.1	%		42.3	%

United States Operations
Selling, general and administrative expenses	$	49.1		$	34.0		$	128.7		$	92.1
Selling, general and administrative expenses as a percent of net sales		36.5	%		41.4	%		39.3	%		40.2	%

The Company has seen selling, general and administrative expenses decrease as a percentage of net sales to 40.2% and 39.8% for the three and nine months ended September 30, 2023 as compared to 41.9% and 41.7% for the three and nine months ended September 30, 2022, respectively. This decrease of selling, general and administrative expenses as a percentage of net sales was largely driven by sales growth for the three and nine month periods allowing to better absorb certain fixed operating costs, and favorable segment mix.

For European operations, selling, general and administrative expenses increased 18% and 15% for the three and nine months ended September 30, 2023, as compared to the corresponding period of the prior year, and represented 42.3% and 40.1% of net sales for the three and nine months ended September 30, 2023, respectively, as compared to 42.1% and 42.3% for the three and nine months ended September 30, 2022, respectively. For United States operations, selling, general and administrative expenses increased 44% and 40% for the three and nine months ended September 30, 2023, as compared to the corresponding period of the prior year, and represented 36.5% and 39.3% of net sales for the three and nine months ended September 30, 2023, respectively, as compared to 41.4% and 40.2% for the three and nine months ended September 30, 2022, respectively. As discussed in more detail below, the decreased selling, general and administrative expenses as a percentage of net sales are primarily the result of high sales growth offset in part by increases in promotion and advertising expenditures as well as the annualization impact of the structural investments of $9.0 million in our United States operations that we made throughout 2022 in order to support the new licenses for the first three quarters of 2023.

Promotion and advertising included in selling, general and administrative expenses aggregated $62.8 million and $152.6 million for the three and nine months ended September 30, 2023, respectively, as compared to $44.8 million and $124.9 million for the corresponding periods of the prior year. Promotion and advertising represented 17.1% and 15.4% of net sales for the three and nine months ended September 30, 2023, respectively, as compared to 16.0% and 16.1% for the corresponding periods of the prior year. Promotion and advertising are integral parts of our industry, and we continue to invest heavily to support new product launches and to build brand awareness. We believe that our promotion and advertising efforts have had a beneficial effect on sales. All of our brands have benefited from newly launched and enhanced e-commerce sites in existing markets in collaboration with our retail customers on their e-commerce sites. We also continue to develop and implement omnichannel concepts and compelling content to deliver an integrated consumer experience. Long term, we anticipate that on a full year basis, promotion and advertising expenditures should aggregate approximately 21% of net sales, which is in line with pre-COVID historical averages.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Royalty expense included in selling, general and administrative expenses aggregated $29.1 million and $77.2 million for the three and nine months ended September 30, 2023, respectively, as compared to $23.1 million and $61.4 million for the corresponding periods of the prior year. Royalty expense represented 7.9% and 7.8% of net sales for the three and nine months ended September 30, 2023, as compared to 8.3% and 7.9% of net sales for the corresponding periods of the prior year, due to changes in brand mix.

Income from Operations

As a result of the above analysis regarding net sales, gross profit margins and selling, general and administrative expenses, our operating margins aggregated 23.7% and 23.5% for the three and nine months ended September 30, 2023, respectively, as compared to 23.0% and 22.1% for the corresponding periods of the prior year.

Other Income and Expense

Traditionally, interest expense was primarily related to the financing of brand and licensing acquisitions. The increase in interest expense related to prior year acquisitions is the main driver of the increase in other income and expense during 2023. As previously disclosed, in April 2021 we completed the acquisition of the headquarters of Interparfums SA. The acquisition was financed by a 10-year €120 million (approximately $127.1 million) bank loan which bears interest at one-month Euribor plus 0.75%. Also in 2021, approximately €80 million of the variable rate debt was swapped for variable rate debt with a maximum interest rate of 2%. The swap effectively exchanges the variable interest rate to a fixed rate of approximately 1.1%.

We enter into foreign currency forward exchange contracts to manage exposure related to receivables from unaffiliated third parties denominated in a foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Gains and losses on foreign currency transactions have not been significant. Almost 50% of net sales of our European operations are denominated in U.S. dollars.

Interest and investment income represents interest earned on cash and cash equivalents and short-term investments. As of September 30, 2023, short-term investments include approximately $8.8 million of marketable equity securities of other companies in the luxury goods sector. In the first quarter of 2023, the Company sold marketable securities which generated a gain of $3.1 million. The Company purchased additional marketable securities in the second and third quarter of 2023, which generated unrealized losses of $0.5 million in the three months ended September 30, 2023. Interest and investment income for the three months ended September 30, 2022, includes a gain of $2.3 million, resulting from the interest rate swap. For the nine months ended September 30, 2022, the Company recognized a gain of $6.4 million related to the interest rate swap which was largely offset by losses of $5.3 million on marketable equity securities during the same period.

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INTER PARFUMS, INC. AND SUBSIDIARIES

Income Taxes

Our consolidated effective tax rate was 23.5% and 22.6% for the nine months ended September 30, 2023 and 2022, respectively. The effective tax rate for European operations was 25% for each of the nine months ended September 30, 2023 and 2022. Our effective tax rate for U.S. operations was 19% for the nine months ended September 30, 2023, as compared to 11% for the corresponding period of the prior year. Our effective tax rate differs from the 21% statutory rate due to benefits received from the exercise of stock options as well as deductions we are allowed for a portion of our foreign derived intangible income, slightly offset by state and local taxes. Additionally, in the third quarter of 2022 our U.S. operations recognized a one-time tax benefit of $2.5 million associated with the 2021 Salvatore Ferragamo acquisition. At the time of the acquisition, we had not recognized deferred tax benefits as there were uncertainties concerning its potential recoverability; however, as of September 30, 2022, the recoverability was deemed likely. Other than as discussed above, we did not experience any significant changes in tax rates, and none were expected in jurisdictions where we operate.

Net Income

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
(In thousands)

Net income European operations	$	45,965	$	42,417	$	133,480	$	106,722
Net income United States operations		20,155		10,880		46,066		27,386

Net income		66,120		53,297		179,546		134,108

Less: Net income attributable to the noncontrolling interest		12,906		11,874		37,312		29,769

Net income attributable to Inter Parfums, Inc.	$	53,214	$	41,423	$	142,234	$	104,339

Net income attributable to Inter Parfums, Inc. was $53.2 million and $142.2 million for the three and nine months ended September 30, 2023, respectively, as compared to $41.4 million and $104.3 million for the corresponding period of the prior year. Net income attributable to European operations was $46.0 million and $133.5 million for the three and nine months ended September 30, 2023, respectively, as compared to $42.4 million and $106.7 million for the corresponding period of the prior year. Net income attributable to United States operations was $20.2 million and $46.1 million for the three and nine months ended September 30, 2023, respectively, as compared to $10.9 million and $27.4 million for the corresponding period of the prior year. The significant fluctuations in net income for both European operations and United States operations are directly related to the previous discussions relating to changes in sales, gross margin, and selling, general and administrative expenses.

Page 23

INTER PARFUMS, INC. AND SUBSIDIARIES

The noncontrolling interest arises from our 72% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 28% of Interparfums SA shares trade on the NYSE Euronext. Net income attributable to the noncontrolling interest is directly related to the profitability of our European operations and aggregated 28% of European operations net income for all periods presented. Net margins attributable to Inter Parfums, Inc. for the nine months ended September 30, 2023 and 2022 aggregated 14.4% and 13.4%, respectively.

Liquidity and Capital Resources

Our conservative financial tradition has enabled us to amass significant cash balances. As of September 30, 2023, we had $183.5 million in cash, cash equivalents and short-term investments, most of which is held in euro by our European operations and is readily convertible into U.S. dollars. We have not had any liquidity issues to date, and do not expect any liquidity issues relating to such cash and cash equivalents and short-term investments. As of September 30, 2023 short-term investments include approximately $10.2 million of marketable equity securities.

As of September 30, 2023, working capital aggregated $514 million and we had a working capital ratio of 2.4 to 1. Approximately 78% of the Company’s total assets are held by European operations, and approximately $245 million of trademarks, licenses and other intangible assets are also held by European operations.

The Company is party to a number of license and other agreements for the use of trademarks and rights in connection with the manufacture and sale of its products expiring at various dates through 2039. In connection with most of these license agreements, the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments. See Item 8. Financial Statements and Supplementary Data – Note 12 – Commitments in our 2022 annual report on Form 10-K which is incorporated by reference herein. Future advertising commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2022, without consideration for potential renewal periods and do not reflect the fact that our distributors share our advertising obligations.

The Company hopes to continue to benefit from its strong financial position to potentially acquire one or more brands, either on a proprietary basis or as a licensee. In July 2023, we entered into a long-term global licensing agreement for the creation, development and distribution of fragrances and fragrance-related products under the Roberto Cavalli brand. This license took effect in July 2023, and we target to start shipping products in January 2024. In December 2022, we entered into a long-term global licensing agreement for the creation, development and distribution of fragrances and fragrance-related products under the Lacoste brand. This new license takes effect January 2024.

Cash provided by operating activities aggregated $24.3 million for the nine months ended September 30, 2023, as compared to cash used in operating activities of $8.2 million for the corresponding period of the prior year. For the nine months ended September 30, 2023, working capital items used $169.1 million in cash from operating activities, as compared to $159.2 million in the 2022 period. Although from a cash flow perspective accounts receivable is up 48.6% from year end 2022, the balance is reasonable based on 2023 record sales levels and reflects a combination of high volumes of shipments towards the end of the third quarter as well as some payment schedules extended going into the holiday season. Strong collection activity resulted in day’s sales outstanding decreasing to 72 days, down from 80 days in the corresponding period of the prior year. From a cash flow perspective, inventory levels as of September 30, 2023, increased 26% from year end 2022 in support of our overall sales growth. Since 2021, we have strived to carry more inventory overall, source the same components from multiple suppliers and when possible, manufacture products closer to where they are sold.

Page 24

INTER PARFUMS, INC. AND SUBSIDIARIES

Cash flows provided by investing activities in 2023 reflect purchases and sales of short-term investments. These investments include certificates of deposit with maturities greater than three months. Approximately $2 million of such certificates of deposit contain penalties where we would forfeit a portion of the interest earned in the event of early withdrawal.

Our business is not capital intensive as we do not own any manufacturing facilities. On a full year basis, we typically spend approximately $5.0 million on tools and molds, depending on our new product development calendar. Capital expenditures also include amounts for office fixtures, computer equipment and industrial equipment needed at our distribution centers.

Our short-term financing requirements are expected to be met by available cash on hand at September 30, 2023, and short-term credit lines provided by domestic and foreign banks. The principal credit facilities for 2023 consist of a $25 million unsecured revolving line of credit provided by a domestic commercial bank and approximately $8 million in credit lines provided by a consortium of international financial institutions. There was $4.5 million of short-term borrowings outstanding pursuant to these facilities as of September 30, 2023 and no short-term borrowings outstanding as of September 30, 2022.

In February 2022, our Board authorized a 100% increase in the annual dividend to $2.00 per share. In February 2023, the Board of Directors further increased the annual dividend to $2.50 per share. The next quarterly cash dividend of $0.625 per share is payable on December 31, 2023, to shareholders of record on December 15, 2023.

We believe that funds provided by or used in operations can be supplemented by our present cash position and available credit facilities, so that they will provide us with sufficient resources to meet all present and reasonably foreseeable future operating needs.

Inflation rates in the U.S. and foreign countries in which we operate did not have a significant impact on operating results for the nine months ended September 30, 2023.

Page 25

INTER PARFUMS, INC. AND SUBSIDIARIES

Item 3:

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

General

We address certain financial exposures through a controlled program of risk management that primarily consists of the use of derivative financial instruments. We primarily enter into foreign currency forward exchange contracts in order to reduce the effects of fluctuating foreign currency exchange rates. We do not engage in the trading of foreign currency forward exchange contracts or interest rate swaps.

Foreign Exchange Risk Management

We periodically enter into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a foreign currency and to manage risks related to future sales expected to be denominated in a currency other than our functional currency. We enter into these exchange contracts for periods consistent with our identified exposures. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on the receivables and cash flows of Interparfums SA, whose functional currency is the euro. All foreign currency contracts are denominated in currencies of major industrial countries and are with large financial institutions, which are rated as strong investment grade.

All derivative instruments are required to be reflected as either assets or liabilities in the balance sheet measured at fair value. Generally, increases or decreases in fair value of derivative instruments will be recognized as gains or losses in earnings in the period of change. If the derivative is designated and qualifies as a cash flow hedge, then the changes in fair value of the derivative instrument will be recorded in other comprehensive income.

Before entering into a derivative transaction for hedging purposes, we determine that the change in the value of the derivative will effectively offset the change in the fair value of the hedged item from a movement in foreign currency rates. Then, we measure the effectiveness of each hedge throughout the hedged period. Any hedge ineffectiveness is recognized in the income statement.

At September 30, 2023, we had foreign currency contracts in the form of forward exchange contracts of approximately U.S. $58.0 million and GB £2.0 million with maturities of less than one year. We believe that our risk of loss as the result of nonperformance by any of such financial institutions is remote.

Interest Rate Risk Management

We mitigate interest rate risk by monitoring interest rates, and then determining whether fixed interest rates should be swapped for floating rate debt, or if floating rate debt should be swapped for fixed rate debt.

Page 26

INTER PARFUMS, INC. AND SUBSIDIARIES

Item 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rule 13a-15(e)) as of the end of the period covered by this quarterly report on Form 10-Q (the “Evaluation Date”). Based on their review and evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of the Evaluation Date, our Company’s disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934) that occurred during the quarterly period covered by this report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II. Other Information

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

Item (c).

In December 2022, our Board of Directors authorized a share repurchase program for our outstanding common stock. For 2023 the maximum number of shares to be repurchased is 166,060, and the balance available for repurchase under this plan for 2023 is 81,000 shares. Over the course of the first nine months of 2023, the Company repurchased 85,060 shares at a cost of $11.3 million. These shares are classified as treasury shares on the accompanying balance sheet. The Company plans to continue repurchasing shares throughout 2023 under this plan. There were no repurchases of shares during the three months ended September 30, 2023.

Items 1. Legal Proceedings, 1A. Risk Factors, 3. Defaults Upon Senior Securities, 4. Mine Safety Disclosures and 5. Other Information, are omitted as they are either not applicable or have been included in Part I.

Page 27

INTER PARFUMS, INC. AND SUBSIDIARIES

Item 6.

Exhibits.

The following documents are filed herewith:

Exhibit No.	Description	Page Number

31.1	Certifications required by Rule 13a-14(a) of Chief Executive Officer	30

31.2	Certifications required by Rule 13a-14(a) of Chief Financial Officer and Principal Accounting Officer	31

32.1	Certification required by Section 906 of the Sarbanes-Oxley Act of Chief Executive Officer	32

32.2	Certification required by Section 906 of the Sarbanes-Oxley Act of Chief Financial Officer and Principal Accounting Officer	33

101	Interactive data files

Page 28

INTER PARFUMS, INC. AND SUBSIDIARIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 9th day of November 2023.

		INTER PARFUMS, INC.

	By:	/s/ Michel Atwood
		Chief Financial Officer

Page 29

INTER PARFUMS, INC. AND SUBSIDIARIES

Exhibit 31.1

CERTIFICATIONS

I, Jean Madar, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A Amendment No. 1 of Inter Parfums, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based upon such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 9, 2023

/s/ Jean Madar
Jean Madar,
Chief Executive Officer

Page 30

INTER PARFUMS, INC. AND SUBSIDIARIES

Exhibit 31.2

I, Michel Atwood, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A Amendment No. 1 of Inter Parfums, Inc.;

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 9, 2023

/s/ Michel Atwood
Michel Atwood
Chief Financial Officer and
Principal Accounting Officer

Page 31

INTER PARFUMS, INC. AND SUBSIDIARIES

Exhibit 32.1

CERTIFICATION

The undersigned hereby certifies, in accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Inter Parfums, Inc., that the Quarterly Report of Inter Parfums, Inc. on Form 10-Q/A Amendment No.1 for the period ended September 30, 2023, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in such report fairly presents, in all material respects, the financial condition and results of operation of Inter Parfums, Inc.

Date: November 9, 2023	By:	/s/ Jean Madar
		Jean Madar,
		Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Inter Parfums, Inc. and will be retained by Inter Parfums, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Page 32

INTER PARFUMS, INC. AND SUBSIDIARIES

Exhibit 32.2

CERTIFICATION

Date: November 9, 2023	By:	/s/ Michel Atwood
		Michel Atwood
		Chief Financial Officer and
		Principal Accounting Officer

Page 33

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 07, 2023
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	Inter Parfums, Inc. (the “Company”) is filing this Amendment No. 1 on Form 10-Q/A (this “Amendment”) to its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, which was originally filed with the Securities and Exchange Commission on November 7, 2023 (the “Original Filing”). This Amendment is being filed to correct one line item in the Consolidated Statements of Changes in Equity, “Noncontrolling interest, end of period” as at September 30, 2023 from $697,321 to $186,558. The Company believes, although it is uncertain, that the incorrect number was caused by either a glitch in the software used in connection with the preparation of, or conversion into, the Original Filing, or third-party operator error.Other than as expressly set forth herein, this Amendment does not, and does not purport to, amend, update or restate the information in Original Filing or reflect any events that have occurred after the Original Filing was made. Information not affected by this Amendment remains unchanged and reflects the disclosures made at the time as of which the Original Filing was made. No changes other than as set forth above have been made to the financial statements of the Company as contained in the Original Filing. Accordingly, this Amendment should be read together with the Original Filing and the other filings of the Company with the SEC.
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	0-16469
Entity Registrant Name	INTER PARFUMS, INC.
Entity Central Index Key	0000822663
Entity Tax Identification Number	13-3275609
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	551 Fifth Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10176
City Area Code	(212)
Local Phone Number	983-2640
Title of 12(b) Security	Common Stock, $.001 par value per share
Trading Symbol	IPAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,980,805

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 79,764	$ 104,713
Short-term investments	103,745	150,833
Accounts receivable, net	288,085	197,584
Inventories	364,270	289,984
Receivables, other	13,645	28,803
Other current assets	26,847	15,650
Income taxes receivable	498	157
Total current assets	876,854	787,724
Property, equipment and leasehold improvements, net	163,002	166,722
Right-of-use assets, net	29,359	27,964
Trademarks, licenses and other intangible assets, net	286,697	290,853
Deferred tax assets	16,063	11,159
Other assets	22,422	24,120
Total assets	1,394,397	1,308,542
Current liabilities:
Loans payable - banks	4,501
Current portion of long-term debt	41,768	28,547
Current portion of lease liabilities	5,687	5,296
Accounts payable – trade	87,161	88,388
Accrued expenses	200,065	213,621
Income taxes payable	23,913	8,715
Total current liabilities	363,095	344,567
Long–term debt, less current portion	128,983	151,494
Lease liabilities, less current portion	25,452	24,335
Inter Parfums, Inc. shareholders’ equity:
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 31,980,805 and 31,967,300 shares at September 30, 2023 and December 31, 2022, respectively	32	32
Additional paid-in capital	95,752	90,186
Retained earnings	703,091	620,095
Accumulated other comprehensive loss	(59,802)	(56,056)
Treasury stock, at cost, 9,949,865 and 9,864,805 shares at September 30, 2023 and December 31, 2022, respectively	(48,764)	(37,475)
Total Inter Parfums, Inc. shareholders’ equity	690,309	616,782
Noncontrolling interest	186,558	171,364
Total equity	876,867	788,146
Total liabilities and equity	$ 1,394,397	$ 1,308,542

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, outstanding	31,980,805	31,967,300
Treasury stock, shares	9,949,865	9,864,805

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 367,969	$ 280,462	$ 988,936	$ 775,865
Cost of sales	132,962	98,562	362,568	281,525
Gross margin	235,007	181,900	626,368	494,340
Selling, general and administrative expenses	147,805	117,424	393,866	323,249
Income from operations	87,202	64,476	232,502	171,091
Other expenses (income):
Interest expense	2,397	682	7,030	2,589
(Gain) loss on foreign currency	(669)	273	(656)	(2,245)
Interest and investment income	(1,062)	(3,343)	(8,421)	(2,341)
Other (income) expense	(77)	346	(125)	(98)
Nonoperating expense (income)	589	(2,042)	(2,172)	(2,095)
Income before income taxes	86,613	66,518	234,674	173,186
Income taxes	20,493	13,221	55,128	39,078
Net income	66,120	53,297	179,546	134,108
Less: Net income attributable to the noncontrolling interest	12,906	11,874	37,312	29,769
Net income attributable to Inter Parfums, Inc.	$ 53,214	$ 41,423	$ 142,234	$ 104,339
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$ 1.66	$ 1.30	$ 4.44	$ 3.28
Diluted	$ 1.66	$ 1.30	$ 4.42	$ 3.26
Weighted average number of shares outstanding:
Basic	31,976	31,860	32,000	31,848
Diluted	32,124	31,968	32,149	31,977
Dividends declared per share	$ 0.625	$ 0.50	$ 1.875	$ 1.50

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Comprehensive income:
Net income	$ 66,120	$ 53,297	$ 179,546	$ 134,108
Other comprehensive income:
Net derivative instrument (loss) gain, net of tax	(363)	1,315	(4,606)	(173)
Transfer from OCI into earnings			1,709	992
Translation adjustments, net of tax	(15,692)	(32,944)	(2,657)	(79,015)
Comprehensive income	50,065	21,668	173,992	55,912
Comprehensive income attributable to the noncontrolling interests:
Net income	12,906	11,874	37,312	29,769
Net derivative instrument (loss) gain, net of tax	(100)	362	(327)	(49)
Translation adjustments, net of tax	(4,892)	(10,012)	(1,481)	(24,174)
Comprehensive income attributable to the noncontrolling interests	7,914	2,224	35,504	5,546
Comprehensive income attributable to Inter Parfums, Inc.	$ 42,151	$ 19,444	$ 138,488	$ 50,366

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Noncontrolling Interest [Member]	Total
Beginning Balance at Dec. 31, 2021	$ 32	$ 87,132	$ 560,663	$ (38,432)	$ (37,475)	$ 166,412	$ 738,332
Net income			104,339			29,769	134,108
Shares issued upon exercise of stock options		1,816
Dividends			(47,782)			(16,056)
Foreign currency translation adjustment, net of tax				(54,841)		(24,174)
Share-based compensation		1,017	1,664			(353)
Purchase of subsidiary shares		(4,305)				(152)
Transfer from other comprehensive income into earnings				992
Net derivative instrument gain (loss), net of tax				(124)		(49)	173
Shares repurchased
Purchase of subsidiary shares						55
Ending Balance at Sep. 30, 2022	32	85,660	618,884	(92,405)	(37,475)	155,452	730,148
Beginning Balance at Dec. 31, 2022	32	90,186	620,095	(56,056)	(37,475)	171,364	788,146
Net income			142,234			37,312	179,546
Shares issued upon exercise of stock options		5,523
Dividends			(60,058)			(20,301)
Foreign currency translation adjustment, net of tax				(1,176)		(1,481)
Share-based compensation		935	820			133
Purchase of subsidiary shares		(892)				(142)
Transfer from other comprehensive income into earnings				1,709
Net derivative instrument gain (loss), net of tax				(4,279)		(327)	4,606
Shares repurchased					(11,289)
Purchase of subsidiary shares
Ending Balance at Sep. 30, 2023	$ 32	$ 95,752	$ 703,091	$ (59,802)	$ (48,764)	$ 186,558	$ 876,867

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 179,546	$ 134,108
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	12,781	10,936
Provision for doubtful accounts	(560)	2,004
Noncash stock compensation	1,887	2,353
Share of income of equity investment	(125)	(98)
Noncash lease expense	4,163	4,074
Deferred tax benefit	(5,075)	(3,658)
Change in fair value of derivatives	740	1,348
Changes in:
Accounts receivable	(96,076)	(89,605)
Inventories	(76,786)	(109,377)
Other assets	3,077	2,615
Operating lease liabilities	(4,044)	(3,887)
Accounts payable and accrued expenses	(10,919)	26,406
Income taxes, net	15,669	14,606
Net cash provided by (used in) operating activities	24,278	(8,175)
Cash flows from investing activities:
Purchases of short-term investments	(145,427)	(2,862)
Proceeds from sale of short-term investments	192,568	5,346
Purchases of property, equipment and leasehold improvements	(4,574)	(32,615)
Payment for intangible assets acquired	(2,063)	(3,757)
Net cash provided by (used in) investing activities	40,504	(33,888)
Cash flows from financing activities:
Proceeds from loans payable, bank	4,501
Proceeds from issuance of long-term debt	13,680
Repayment of long-term debt	(22,527)	(14,210)
Proceeds from exercise of options	5,523	1,816
Purchase of subsidiary shares from noncontrolling interest		(4,402)
Dividends paid	(60,058)	(47,782)
Dividends paid to noncontrolling interest	(20,301)	(16,056)
Purchase of treasury stock	(11,289)
Net cash used in financing activities	(90,471)	(80,634)
Effect of exchange rate changes on cash	740	(4,413)
Net decrease in cash and cash equivalents	(24,949)	(127,110)
Cash and cash equivalents - beginning of period	104,713	168,387
Cash and cash equivalents - end of period	79,764	41,227
Cash paid for:
Interest	4,659	2,091
Income taxes	$ 44,693	$ 27,718

Significant Accounting Policies:

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies:

Significant Accounting Policies:

Impact of COVID-19 Pandemic:

9 Months Ended

Sep. 30, 2023

Unusual or Infrequent Items, or Both [Abstract]

Impact of COVID-19 Pandemic:

Impact of COVID-19 Pandemic:

Recent Agreements:

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Recent Agreements:

Recent Agreements:

Roberto Cavalli

Lacoste

Dunhill

Donna Karan and DKNY

Rochas Fashion

Land and Building Acquisition - Headquarters in Paris

Recent Accounting Pronouncements:

9 Months Ended

Sep. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements:

Recent Accounting Pronouncements:

There are no recent accounting pronouncements issued but not yet adopted that would have a material effect on our consolidated financial statements.

Inventories:

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories:

Inventories:

Inventories consist of the following:

(In thousands)	September 30, 2023		December 31, 2022
Raw materials and component parts	$	151,344	$	146,772
Finished goods		212,926		143,212

Inventories	$	364,270	$	289,984

Fair Value Measurement:

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement:

Fair Value Measurement:


			Fair Value Measurements at September 30, 2023
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	103,745	$	10,177	$	92,776	$	792
Interest rate swaps		6,274		—		6,274		—

Total asset	$	110,019	$	10,177	$	99,050	$	792
Liabilities:
Foreign currency forward exchange contracts not accounted for using hedge accounting	$	791	$	—	$	791	$	—
Foreign currency forward exchange contracts accounted for using hedge accounting		489		—		489		—

Total liabilities	$	1,280	$	—	$	1,280	$	—


			Fair Value Measurements at December 31, 2022
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	150,833	$	19,861	$	130,174	$	798
Interest rate swaps		6,758		—		6,758		—
Foreign currency forward exchange contracts accounted for using hedge accounting		1,189		—		1,189		—

Total asset	$	158,780	$	19,861	$	138,121	$	798
Liabilities:
Foreign currency forward exchange contracts not accounted for using hedge accounting		68		—		68		—

Total liabilities	$	68	$	—	$	68	$	—

Derivative Financial Instruments:

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments:

Derivative Financial Instruments:

Leases:

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases:

Leases:

Share-Based Payments:

9 Months Ended

Sep. 30, 2023

Equity:

Share-Based Payments:

Share-Based Payments:

The following table sets forth information with respect to nonvested options for the nine months ended September 30, 2023:

	Number of Shares			Weighted Average Grant-Date Fair Value
Nonvested options – beginning of period		168,730		$	16.31
Nonvested options granted		—			—
Nonvested options vested or forfeited		(27,625	)	$	13.91
Nonvested options – end of period		141,105		$	16.78

The following table summarizes stock option information as of September 30, 2023:

	Shares			Weighted Average Exercise Price

Outstanding at January 1, 2023		441,580		$	67.30
Options forfeited		(20,025	)		72.22
Options exercised		(98,565	)		56.03

Outstanding at September 30, 2023		322,990		$	70.43

Options exercisable		181,885		$	61.44
Options available for future grants		579,000

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2023 and 2022 were as follows:

(In thousands)	September 30, 2023		September 30, 2022

Cash proceeds from stock options exercised	$	5,523	$	1,816
Tax benefits		900		320
Intrinsic value of stock options exercised		6,135		2,105

There were no options granted during the nine months ended September 30, 2023 and September 30, 2022.

All share purchases and issuances have been classified as equity transactions on the accompanying balance sheet.

Net Income Attributable to Inter Parfums, Inc. Common Shareholders:

9 Months Ended

Sep. 30, 2023

Earnings per share:

Net Income Attributable to Inter Parfums, Inc. Common Shareholders:

10.

Net Income Attributable to Inter Parfums, Inc. Common Shareholders:

The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:


	Three months ended				Nine months ended
(In thousands)	September 30,				September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to Inter Parfums, Inc.	$	53,214	$	41,423	$	142,234	$	104,339
Denominator:
Weighted average shares		31,976		31,860		32,000		31,848
Effect of dilutive securities:
Stock options		148		108		149		129
Denominator for diluted earnings per share		32,124		31,968		32,149		31,977

Earnings per share:
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	1.66	$	1.30	$	4.44	$	3.28
Diluted		1.66		1.30		4.42		3.26

Segment and Geographic Areas:

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment and Geographic Areas:

11.

Segment and Geographic Areas:

Information on our operations by geographical areas is as follows:

(In thousands)	Three months ended September 30,					Nine months ended September 30,
	2023		2022			2023			2022
Net sales:
United States	$	134,469	$	82,183		$	327,359		$	229,129
Europe		233,500		198,318			661,577			546,787
Eliminations		—		(39	)		—			(51	)

	$	367,969	$	280,462		$	988,936		$	775,865

Net income attributable to Inter Parfums, Inc.:
United States	$	20,157	$	10,881		$	46,067		$	27,386
Europe		33,057		30,542			96,167			76,953

	$	53,214	$	41,423		$	142,234		$	104,339

						September 30,			December 31,
						2023			2022
Total Assets:
United States						$	340,375		$	278,090
Europe							1,083,843			1,052,004
Eliminations							(29,821	)		(21,552	)
						$	1,394,397		$	1,308,542

Inventories: (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories consist of the following:

(In thousands)	September 30, 2023		December 31, 2022
Raw materials and component parts	$	151,344	$	146,772
Finished goods		212,926		143,212

Inventories	$	364,270	$	289,984

Fair Value Measurement: (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]


			Fair Value Measurements at September 30, 2023
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	103,745	$	10,177	$	92,776	$	792
Interest rate swaps		6,274		—		6,274		—

Total asset	$	110,019	$	10,177	$	99,050	$	792
Liabilities:
Foreign currency forward exchange contracts not accounted for using hedge accounting	$	791	$	—	$	791	$	—
Foreign currency forward exchange contracts accounted for using hedge accounting		489		—		489		—

Total liabilities	$	1,280	$	—	$	1,280	$	—


			Fair Value Measurements at December 31, 2022
			Quoted Prices in		Significant Other		Significant
			Active Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Short-term investments	$	150,833	$	19,861	$	130,174	$	798
Interest rate swaps		6,758		—		6,758		—
Foreign currency forward exchange contracts accounted for using hedge accounting		1,189		—		1,189		—

Total asset	$	158,780	$	19,861	$	138,121	$	798
Liabilities:
Foreign currency forward exchange contracts not accounted for using hedge accounting		68		—		68		—

Total liabilities	$	68	$	—	$	68	$	—

Share-Based Payments: (Tables)

9 Months Ended

Sep. 30, 2023

Equity:

The following table sets forth information with respect to nonvested options for the nine months ended September 30, 2023:

	Number of Shares			Weighted Average Grant-Date Fair Value
Nonvested options – beginning of period		168,730		$	16.31
Nonvested options granted		—			—
Nonvested options vested or forfeited		(27,625	)	$	13.91
Nonvested options – end of period		141,105		$	16.78

The following table summarizes stock option information as of September 30, 2023:

	Shares			Weighted Average Exercise Price

Outstanding at January 1, 2023		441,580		$	67.30
Options forfeited		(20,025	)		72.22
Options exercised		(98,565	)		56.03

Outstanding at September 30, 2023		322,990		$	70.43

Options exercisable		181,885		$	61.44
Options available for future grants		579,000

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2023 and 2022 were as follows:

(In thousands)	September 30, 2023		September 30, 2022

Cash proceeds from stock options exercised	$	5,523	$	1,816
Tax benefits		900		320
Intrinsic value of stock options exercised		6,135		2,105

Net Income Attributable to Inter Parfums, Inc. Common Shareholders: (Tables)

9 Months Ended

Sep. 30, 2023

Earnings per share:

The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:


	Three months ended				Nine months ended
(In thousands)	September 30,				September 30,
	2023		2022		2023		2022
Numerator:
Net income attributable to Inter Parfums, Inc.	$	53,214	$	41,423	$	142,234	$	104,339
Denominator:
Weighted average shares		31,976		31,860		32,000		31,848
Effect of dilutive securities:
Stock options		148		108		149		129
Denominator for diluted earnings per share		32,124		31,968		32,149		31,977

Earnings per share:
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$	1.66	$	1.30	$	4.44	$	3.28
Diluted		1.66		1.30		4.42		3.26

Segment and Geographic Areas: (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Information on our operations by geographical areas is as follows:

(In thousands)	Three months ended September 30,					Nine months ended September 30,
	2023		2022			2023			2022
Net sales:
United States	$	134,469	$	82,183		$	327,359		$	229,129
Europe		233,500		198,318			661,577			546,787
Eliminations		—		(39	)		—			(51	)

	$	367,969	$	280,462		$	988,936		$	775,865

Net income attributable to Inter Parfums, Inc.:
United States	$	20,157	$	10,881		$	46,067		$	27,386
Europe		33,057		30,542			96,167			76,953

	$	53,214	$	41,423		$	142,234		$	104,339

						September 30,			December 31,
						2023			2022
Total Assets:
United States						$	340,375		$	278,090
Europe							1,083,843			1,052,004
Eliminations							(29,821	)		(21,552	)
						$	1,394,397		$	1,308,542

Recent Agreements: (Details Narrative)	9 Months Ended
Recent Agreements: (Details Narrative)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2022	Apr. 30, 2021
Business Acquisition [Line Items]
Purchase price, period cost	$ 148,100,000
Acquisition costs, period cost	3,000,000
Cash held in escrow is included in other assets	$ 1,200,000
Long-term debt, term	10 years	10 years	4 years	10 years
Long-term line of credit	$ 127,100,000	€ 120,000,000
Description of debt instrument interest rate terms	one-month Euribor plus 0.75%
Debt instrument, face amount \| €		€ 80,000,000
Variable interest rate	2.00%	2.00%
Fixed interest rate	1.10%	1.10%
Minimum [Member]
Business Acquisition [Line Items]
Depreciated over a range	7 years	7 years
Maximum [Member]
Business Acquisition [Line Items]
Depreciated over a range	50 years	50 years
Land [Member]
Business Acquisition [Line Items]
Purchase price, period cost	$ 60,700,000
Building [Member]
Business Acquisition [Line Items]
Purchase price, period cost	$ 87,400,000
Interparfums SA [Member]
Business Acquisition [Line Items]
Ownership percentage				72.00%
Roberto Cavalli [Member]
Business Acquisition [Line Items]
Description of recent agreement	The license became effective in July 2023 and will last for 6.5 years.
Lacoste [Member]
Business Acquisition [Line Items]
Description of recent agreement	The license becomes effective in January 2024 and will last for 15 years.
Donna Karan and DKNY [Member]
Business Acquisition [Line Items]
Description of recent agreement	In connection with the grant of license, we issued 65,342 shares of Inter Parfums, Inc. common stock to the licensor valued at $5.0 million. The exclusive license became effective July 1, 2022, and we are planning to launch new fragrances under these brands in 2024.
Rochas Fashion [Member]
Business Acquisition [Line Items]
Description of recent agreement	we entered into a new license agreement modifying our Rochas fashion business model. The new agreement calls for a reduction in royalties to be received. As a result, in the first quarter of 2021, we took a $2.4 million impairment charge on our Rochas fashion trademark. In the fourth quarter of 2022, we again took a $6.8 million impairment charge on the Rochas fashion trademark after an independent expert concluded that the valuation of the trademark was $11.3 million. The new license also contains an option for the licensee to buy-out the Rochas fashion trademarks in June 2025 at its then fair market value.

Inventories consist of the following: (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and component parts	$ 151,344	$ 146,772
Finished goods	212,926	143,212
Inventories	$ 364,270	$ 289,984

The following tables present our financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs use (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Short-term investments	$ 103,745	$ 150,833
Interest rate swaps	6,274	6,758
Total asset	110,019	158,780
Liabilities:
Foreign currency forward exchange contracts accounted for using hedge accounting	791	1,189
Foreign currency forward exchange contracts not accounted for using hedge accounting	489	68
Total liabilities	1,280	68
Fair Value, Inputs, Level 1 [Member]
Assets:
Short-term investments	10,177	19,861
Interest rate swaps
Total asset	10,177	19,861
Liabilities:
Foreign currency forward exchange contracts accounted for using hedge accounting
Foreign currency forward exchange contracts not accounted for using hedge accounting
Total liabilities
Fair Value, Inputs, Level 2 [Member]
Assets:
Short-term investments	92,776	130,174
Interest rate swaps	6,274	6,758
Total asset	99,050	138,121
Liabilities:
Foreign currency forward exchange contracts accounted for using hedge accounting	791	1,189
Foreign currency forward exchange contracts not accounted for using hedge accounting	489	68
Total liabilities	1,280	68
Fair Value, Inputs, Level 3 [Member]
Assets:
Short-term investments	792	798
Interest rate swaps
Total asset	792	798
Liabilities:
Foreign currency forward exchange contracts accounted for using hedge accounting
Foreign currency forward exchange contracts not accounted for using hedge accounting
Total liabilities

Derivative Financial Instruments: (Details Narrative) € in Millions, £ in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Apr. 30, 2021 USD ($)	Apr. 30, 2021 EUR (€)
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount \| $			$ 53.0		$ 127.1
Long-term debt, term	10 years	10 years	4 years	4 years	10 years	10 years
Derivative swap interest rate			2.00%	2.00%	1.10%	1.10%
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Forward exchange contracts \| $	$ 58.0
Maturity of foreign currency	1 year
Euro Member Countries, Euro
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount \| €				€ 50		€ 120
Euro Member Countries, Euro \| Interest Rate Swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount \| €						€ 80
United Kingdom, Pounds \| Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Loan amount \| £		£ 2

Leases: (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
Leases: (Details Narrative) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease, weighted average remaining lease term	5 years 4 months 24 days		5 years 4 months 24 days
Operating lease, weighted average discount rate, percent	3.00%		3.00%
Operating leases, rent expense, net	$ 1,500,000	$ 1,200,000	$ 4,500,000	$ 4,300,000
Operating lease, payments			4,000,000	3,900,000
Noncash additions to operating lease assets			$ 5,700,000	$ 500,000

The following table sets forth information with respect to nonvested options for the nine months ended September 30, 2023: (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Equity:
Nonvested options beginning of period \| shares	168,730
Weighted average grant date fair value, beginning of year \| $ / shares	$ 16.31
Nonvested options granted \| shares
Weighted average grant date fair value, nonvested options granted \| $ / shares
Nonvested options vested or forfeited \| shares	(27,625)
Weighted average grant date fair value, nonvested options vested or forfeited \| $ / shares	$ 13.91
Nonvested options end of period \| shares	141,105
Weighted average grant date fair value, nonvested options end of period \| $ / shares	$ 16.78

The following table summarizes stock option information as of September 30, 2023: (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Equity:
Options shares under option - beginning of year	441,580
Weighted average exercise price shares under option - beginning of year \| $ / shares	$ 67.30
Options forfeited	(20,025)
Weighted average exercise price options forfeited \| $ / shares	$ 72.22
Options exercised	(98,565)
Weighted average exercise price options exercised \| $ / shares	$ 56.03
Options shares under option - end of year	322,990
Weighted average exercise price shares under option - end of year \| $ / shares	$ 70.43
Options exercisable	181,885
Weighted average exercise price options exercisable \| $ / shares	$ 61.44
Options available for future grants	579,000

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the nine months ended September 30, 2023 and 2022 were as follows: (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity:
Cash proceeds from stock options exercised	$ 5,523	$ 1,816
Tax benefits	900	320
Intrinsic value of stock options exercised	$ 6,135	$ 2,105

Share-Based Payments: (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Share-Based Payments: (Details Narrative) - USD ($)	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2018
Subsidiary or Equity Method Investee [Line Items]
Income before income taxes		$ 86,613,000	$ 66,518,000	$ 234,674,000	$ 173,186,000
Share-based payment arrangement, expense		410,000	$ 340,000	$ 1,270,000	$ 1,520,000
Weighted average remaining contractual life of options outstanding (in years)				2 years 1 month 24 days
Weighted average remaining contractual life of options exercisable (in years)				4 months 2 days
Aggregate intrinsic value of options outstanding and options outstanding		20,640,000		$ 20,640,000
Aggregate intrinsic value of options outstanding and options exercisable		13,260,000		13,260,000
Unrecognized compensation cost		$ 1,700,000		$ 1,700,000
Options granted				0	0
Adjusted for stock splits	211,955
Recognized as compensation cost	$ 4,800,000
Interparfums SA Subsidiary [Member]
Subsidiary or Equity Method Investee [Line Items]
Recognized as compensation cost				$ 4,200,000
Interparfums SA Subsidiary [Member] \| Employees [Member]
Subsidiary or Equity Method Investee [Line Items]
Aggregate shares to offices and managers		87,609		87,609		88,400	26,600
Recognized as compensation cost				$ 4,100,000
Number of share distributed				92,998
Interparfums SA Subsidiary [Member] \| Officers and Managers [Member]
Subsidiary or Equity Method Investee [Line Items]
Aggregate shares to offices and managers							133,000
Equity Option [Member]
Subsidiary or Equity Method Investee [Line Items]
Fair value of shares vested				$ 100,000	$ 110,000
Equity Option [Member] \| Minimum [Member]
Subsidiary or Equity Method Investee [Line Items]
Options vesting period				4 years
Equity Option [Member] \| Maximum [Member]
Subsidiary or Equity Method Investee [Line Items]
Options vesting period				5 years

The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income attributable to Inter Parfums, Inc.	$ 53,214	$ 41,423	$ 142,234	$ 104,339
Denominator:
Weighted average shares	31,976	31,860	32,000	31,848
Stock options	148	108	149	129
Denominator for diluted earnings per share	32,124	31,968	32,149	31,977
Net income attributable to Inter Parfums, Inc. common shareholders:
Basic	$ 1.66	$ 1.30	$ 4.44	$ 3.28
Diluted	$ 1.66	$ 1.30	$ 4.42	$ 3.26

Net Income Attributable to Inter Parfums, Inc. Common Shareholders: (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings per share:
Antidilutive potential common shares outstanding	0	150,000	0	150,000

Information on our operations by geographical areas is as follows: (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 367,969	$ 280,462	$ 988,936	$ 775,865
Net income attributable to Inter Parfums, Inc.	53,214	41,423	142,234	104,339
Assets	1,394,397		1,394,397		$ 1,308,542
UNITED STATES
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	134,469	82,183	327,359	229,129
Net income attributable to Inter Parfums, Inc.	20,157	10,881	46,067	27,386
Assets	340,375		340,375		278,090
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	233,500	198,318	661,577	546,787
Net income attributable to Inter Parfums, Inc.	33,057	30,542	96,167	76,953
Assets	1,083,843		1,083,843		1,052,004
Eliminations [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales		$ (39)		$ (51)
Assets	$ (29,821)		$ (29,821)		$ (21,552)