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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): May 7, 2024
Inter
Parfums, Inc.
(Exact
name of Registrant as specified in its charter)
Delaware
|
|
0-16469 |
|
13-3275609 |
(State or other jurisdiction
of
incorporation or organization) |
|
Commission
File Number |
|
(I.R.S. Employer
Identification No.) |
551
Fifth Avenue, New
York, NY
10176
(Address of Principal Executive Offices)
212.983.2640
(Registrant’s Telephone number, including area code)
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of
the following provisions (see General Instruction A.2 below):
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting Material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item
2.02. Results of Operations and Financial Conditions
Certain
portions of our press release dated May 7, 2024, a copy of which is annexed hereto as Exhibit no. 99.1, are incorporated by reference
herein, and are filed pursuant to this Item 2.02. They are as follows:
| • | The
1st, through, 7th, and the 10th, 13th, and 15th full paragraphs relating to results of operations
for the first quarter of 2024 |
| • | Portions
of the 8th, 12th and 14th relating to results of operations
for the first quarter of 2024 |
| • | The
19th through 21st paragraphs relating to the Conference call to be
held on May 8, 2024 |
| • | The
consolidated statements of income and consolidated balance sheets |
Item
7.01. Regulation FD Disclosure.
Certain
portions of our press release dated May 7, 2024, a copy of which is annexed hereto as Exhibit no. 99.1, are incorporated by reference
herein and are filed pursuant to this Item 7.01 and Regulation FD.
| • | Portions
of the 8th paragraph relating to certain 2024 product launches for the remainder
of the year |
| • | The
9th paragraph relating to portfolio new products launches and growth for 2024 |
| • | The
11th paragraph relating to the favorable fragrance market for our products |
| • | Portions
of the 12th paragraph relating to product price increases for the second half
of 2024 |
| • | Portions
of the 14th paragraph relating to advertising and promotion spending for the remainder
of the year |
| • | The
16th and 17th paragraphs relating to 2024 guidance |
| • | The
24th paragraph relating to forward-looking information |
| • | The
balance of such press release not otherwise incorporated by reference in Item 2.02. |
Item
8.01. Other Events
| • | The
18th paragraph relating to dividends |
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and authorized this report to be signed
on its behalf by the undersigned.
Dated:
May 7, 2024
|
Inter Parfums, Inc. |
|
|
|
By: |
/s/
Michel Atwood |
|
|
Michel Atwood |
|
|
Chief Financial Officer |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
INTER
PARFUMS, INC. REPORTS 2024 FIRST QUARTER RESULTS
Results
in-line with Expectations; Reaffirms 2024 Sales and Earnings Guidance
New
York, New York, May 7, 2024, Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the first quarter ended March 31,
2024.
First
Quarter 2024 Highlights:
($
in millions, except per share amounts)
|
Three
Months Ended
March
31,
|
2024 |
2023 |
%
Change |
Net
Sales |
$324 |
$312 |
4% |
Gross
Margin |
62.5% |
65.1% |
(260
bps) |
Operating
Income |
$68 |
$90 |
(25%) |
Operating
Margin |
21.0% |
29.0% |
(800
bps) |
Net
Income attributable to IP |
$41 |
$54 |
(24%) |
Diluted
EPS |
$1.27 |
$1.68 |
(24%) |
Operational
Commentary
Jean
Madar, Chairman & Chief Executive Officer of Inter Parfums noted, “As expected, following the exceptional sales performance
in the first quarter of last year, driven by the introduction of numerous new products, sales growth moderated during the current
first quarter. That said, our distribution partners, as well as NPD Research data, have indicated that sell-out at the store level
has been leading to inventory destocking. The fragrance market remains buoyant, and our key brands continue to enjoy strong sell-out
and favorable reception from both retailers and consumers.
“We
delivered a healthy operating margin of 21% for the quarter, in-line with our expectations. The 29% operating margin in the 2023
first quarter was exceptionally high due to a large pipeline of new product launches combined with low advertising and promotional
expenses. This largely explains the 25% decline in operating income and the 24% decline in earnings per diluted share as compared
to prior year quarter.
“North
America, our largest market, remains robust despite a 3% decline in comparable quarter sales, due primarily to the concentration
of launches in early 2023. Western Europe grew sales by 10%, while Eastern Europe, which declined 22%, was adversely impacted
by delays in shipments in certain countries, which resulted in sales shifting from the first quarter into the second quarter.
“Asia/Pacific
grew sales by 13%, led by Australia and India. Our sales in Central and South America continued to build with first quarter growth
of 31%. The 5% sales decline in the Middle East and Africa factors in the economic and social repercussions of the numerous conflicts
in those regions and phased product launches.”
He
continued, “During the first quarter of 2024, we launched several new fragrances, including extensions within established
lines for Oscar de la Renta and Anna Sui. Also debuting in the first quarter were Montblanc Legend Blue, Donna Karan Cashmere
Collection, Van Cleef & Arpels Encens Précieux, Karl Lagerfeld Rouge, Rochas Orange Horizon, Kate
Spade Bloom, and Lacoste L12.12 Blanc and L12.12 Rose. Our first time sales of established Lacoste and Roberto
Cavalli fragrances reinforce our confidence in these two new fragrance brands.
“GUESS,
our fourth largest brand, achieved the greatest sales gain among our top brands at 21% for the quarter. With a very strong innovation
calendar for the remainder of the year, all indicators for the brand are green and point to another exceptional year.
“Once
again, we have an ambitious innovation strategy planned for the balance of 2024, including blockbuster fragrances for DKNY and
Lacoste, and extensions for the Jimmy Choo I Want Choo line and Roberto Cavalli Signature line. Multi-scent
collections for GUESS are coming to market this spring, followed in the fall by a new member of the GUESS Uomo men’s
fragrance family. Furthermore, extensions for Hollister’s Feelin’ Free and Ferragamo’s Signorina
will be unveiled later in the year. We are confident in our future launches, and believe we are well positioned to achieve another
year of substantial growth, particularly in the second half of 2024.
“We
increased advertising and promotional investments in the first quarter to fuel business growth throughout the year and to compensate
for lighter new product launches than in the prior year. Our decision to spend significantly more during the fourth quarter of
2023, combined with higher spending this quarter, is proving to be a winning strategy as it enables us to drive sell-out ahead
of sell-in. Additionally, we are continuing to develop compelling content and implement omnichannel concepts with renown fragrance
enthusiasts to further expand our reach and exposure in meaningful ways.”
Mr.
Madar concluded, “The fragrance market is resilient, and we are determined to continue to gain market share by implementing
our strategies effectively. We believe the favorable market conditions and prevailing tailwinds will far outweigh any challenges
we may encounter.”
Financial
Commentary
Discussing
the first quarter Michel Atwood, Chief Financial Officer of Inter Parfums pointed out, “Consolidated gross margin was 62.5%
completed 65.1% in last year’s first quarter, with the decline attributable to our European based operations, whose gross
margin declined to 64.0% from last year’s 67.8% due to unfavorable segment, geographic and channel mix, increased trade
spending to support the business in the absence of significant new innovation, and cost inflation impacts on raw materials purchased
in Europe due to higher energy costs. We expect that many of these adverse impacts will be non-recurring and offset in the balance
of the year as we also consider price increases in the second half of the year.
“Gross
margin for U.S. based operations was 58.7%, up from 57.6% thanks to a more favorable brand and channel mix, as a higher portion
of our sales are being sold directly to retailers as opposed to third-party distributors.”
He
continued, “SG&A rose to 41.5% from 36.1% in the prior year period, largely driven by our investments in advertising
and promotion across both our European and U.S. based operations and the amortization of the cost of the Lacoste license amounting
to $1.6 million during the first quarter of 2024. Advertising and promotion, included in SG&A, represented 14.9% and 11.3%
of net sales in the 2024 and 2023 periods, respectively, as we increased our investments to support the initial launch of our
new brands, Lacoste and Roberto Cavalli, and better balance our investment profile throughout the year. We continue to anticipate
that on a full year basis, advertising and promotional expenditures will aggregate approximately 21% of net sales.
“Our
financial position remains strong. We closed the quarter with $97 million in cash, cash equivalents and short-term investments,
and working capital of $530 million, resulting in a working capital ratio of 2.8 to 1.”
Reaffirms
2024 Guidance
Mr.
Atwood concluded, “We are confident in our ability to execute our plans through the balance of the year, so we are once
again reiterating our 2024 guidance, which calls for net sales of $1.45 billion, resulting in earnings per diluted share of $5.15.
This represents a 10% increase in net sales and an 8% increase in earnings per diluted share. As we previously reported and included
in our guidance, the Lacoste non-cash amortization expense of the acquisition cost is expected to reduce our 2024 earnings per
diluted share by approximately $0.11.”
Guidance
assumes that the average dollar/euro exchange rate remains at current levels.
Dividend
The
Company’s regular quarterly cash dividend of $0.75 per share will be paid on June 28, 2024 to shareholders of record on
June 14, 2024.
Conference
Call
Management
will host a conference call to discuss financial results and business operations beginning at 11:00 am ET on Wednesday, May 8,
2024.
Interested
parties may participate in the live call by dialing (877) 423-9820 (toll-free) or (201) 493-6749 (international). Participants are
asked to dial-in approximately 10 minutes before the conference call is scheduled to begin.
A
live audio webcast will also be available in the “Events” tab within the Investor Relations section of the Company’s
website at www.interparfumsinc.com, or by clicking here. The conference call will be available for webcast replay
for approximately 90 days following the live event.
About
Inter Parfums, Inc.
Operating
in the global fragrance business since 1982, Inter Parfums, Inc. produces and distributes a wide array of prestige fragrance and
fragrance-related products under license agreements with brand owners. The Company manages its business in two operating segments,
European based operations, through its 72% owned subsidiary, Interparfums SA, and United States based operations, through wholly
owned subsidiaries in the United States and Italy.
The
portfolio of prestige brands includes Abercrombie & Fitch, Anna Sui, Boucheron, Coach, Donna Karan/DKNY, Emanuel Ungaro, Ferragamo,
Graff, GUESS, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, MCM, Moncler, Montblanc, Oscar de la Renta, Roberto
Cavalli, and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world through an extensive
and diverse network of distributors. Inter Parfums, Inc. is also the registered owner of several trademarks including Lanvin and
Rochas.
Forward-Looking
Statements
Statements
in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions,
and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions,
or expectations will be achieved. In some cases, you can identify forward-looking statements by forward-looking words such as
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "should," "will," and "would," or similar words. You should not rely on forward-looking
statements, because actual events or results may differ materially from those indicated by these forward-looking statements as
a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed
under the headings “Forward Looking Statements” and "Risk Factors" in Inter Parfums' annual report on Form
10-K for the fiscal year ended December 31, 2023 and the reports Inter Parfums files from time to time with the Securities and
Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press
release.
Contact
Information:
Inter Parfums, Inc. |
or |
The Equity Group Inc. |
Chief Financial Officer |
Investor Relations Counsel |
(212) 983-2640 |
(212) 836-9623 / kdaly@equityny.com |
www.interparfumsinc.com |
www.theequitygroup.com |
See
Accompanying Tables
CONSOLIDATED
BALANCE SHEETS
(In
thousands except share and per share data)
(Unaudited)
ASSETS |
| |
March 31, 2024 | | |
December 31, 2023 | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 20,976 | | |
$ | 88,462 | |
Short-term investments | |
| 76,078 | | |
| 94,304 | |
Accounts receivable, net | |
| 293,075 | | |
| 247,240 | |
Inventories | |
| 400,209 | | |
| 371,859 | |
Receivables, other | |
| 5,581 | | |
| 7,012 | |
Other current assets | |
| 34,258 | | |
| 29,458 | |
Income taxes receivable | |
| 2,490 | | |
| 691 | |
Total current assets | |
| 832,667 | | |
| 839,026 | |
| |
| | | |
| | |
Property, equipment and leasehold improvements, net | |
| 164,165 | | |
| 169,222 | |
Right-of-use assets, net | |
| 26,980 | | |
| 28,613 | |
Trademarks, licenses and other intangible assets, net | |
| 288,117 | | |
| 296,356 | |
Deferred tax assets | |
| 15,726 | | |
| 14,545 | |
Other assets | |
| 21,521 | | |
| 21,567 | |
Total assets | |
$ | 1,349,176 | | |
$ | 1,369,329 | |
| |
| | | |
| | |
LIABILITIES AND EQUITY |
Current liabilities: | |
| | | |
| | |
Loans payable - banks | |
$ | 8,324 | | |
$ | 4,420 | |
Current portion of long-term debt | |
| 29,027 | | |
| 29,587 | |
Current portion of lease liabilities | |
| 5,928 | | |
| 5,951 | |
Accounts payable – trade | |
| 106,219 | | |
| 97,409 | |
Accrued expenses | |
| 135,660 | | |
| 178,880 | |
Income taxes payable | |
| 17,300 | | |
| 8,498 | |
Total current liabilities | |
| 302,458 | | |
| 324,745 | |
| |
| | | |
| | |
Long–term debt, less current portion | |
| 115,926 | | |
| 127,897 | |
| |
| | | |
| | |
Lease liabilities, less current portion | |
| 22,905 | | |
| 24,517 | |
| |
| | | |
| | |
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 32,023,640 and 32,004,660 shares at March 31, 2024 and December 31, 2023, respectively
| |
| 32 | | |
| 32 | |
Additional paid-in capital | |
| 100,309 | | |
| 98,565 | |
Retained earnings | |
| 711,043 | | |
| 693,848 | |
Accumulated other comprehensive loss | |
| (50,417 | ) | |
| (40,188 | ) |
Treasury stock, at cost, 9,981,665 and 9,981,665 shares at March 31, 2024 and December 31, 2023, respectively | |
| (52,864 | ) | |
| (52,864 | ) |
Total Inter Parfums, Inc. shareholders’ equity | |
| 708,103 | | |
| 699,393 | |
Noncontrolling interest | |
| 199,784 | | |
| 192,777 | |
Total equity | |
| 907,887 | | |
| 892,170 | |
Total liabilities and equity | |
$ | 1,349,176 | | |
$ | 1,369,329 | |
CONSOLIDATED
STATEMENTS OF INCOME
(In
thousands except per share data)
(Unaudited)
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Net sales | |
$ | 323,963 | | |
$ | 311,723 | |
| |
| | | |
| | |
Cost of sales | |
| 121,578 | | |
| 108,766 | |
| |
| | | |
| | |
Gross margin | |
| 202,385 | | |
| 202,957 | |
| |
| | | |
| | |
Selling, general and administrative expenses | |
| 134,412 | | |
| 112,678 | |
| |
| | | |
| | |
Income from operations | |
| 67,973 | | |
| 90,279 | |
| |
| | | |
| | |
Other expenses (income): | |
| | | |
| | |
Interest expense | |
| 1,807 | | |
| 2,357 | |
(Gain) loss on foreign currency | |
| (905 | ) | |
| 759 | |
Interest and investment income | |
| (3,020 | ) | |
| (5,382 | ) |
Other expense (income) | |
| 38 | | |
| (41 | ) |
| |
| | | |
| | |
| |
| (2,080 | ) | |
| (2,307 | ) |
| |
| | | |
| | |
Income before income taxes | |
| 70,053 | | |
| 92,586 | |
| |
| | | |
| | |
Income taxes | |
| 16,750 | | |
| 21,678 | |
| |
| | | |
| | |
Net income | |
| 53,303 | | |
| 70,908 | |
| |
| | | |
| | |
Less: Net income attributable to the noncontrolling interest | |
| 12,255 | | |
| 16,840 | |
| |
| | | |
| | |
Net income attributable to Inter Parfums, Inc. | |
$ | 41,048 | | |
$ | 54,068 | |
| |
| | | |
| | |
Earnings per share: | |
| | | |
| | |
| |
| | | |
| | |
Net income attributable to Inter Parfums, Inc. common shareholders: | |
| | | |
| | |
Basic | |
$ | 1.28 | | |
$ | 1.69 | |
Diluted | |
$ | 1.27 | | |
$ | 1.68 | |
| |
| | | |
| | |
Weighted average number of shares outstanding: | |
| | | |
| | |
Basic | |
| 32,041 | | |
| 32,018 | |
Diluted | |
| 32,266 | | |
| 32,159 | |
| |
| | | |
| | |
Dividends declared per share | |
$ | 0.75 | | |
$ | 0.625 | |
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