Charles Sternberg, Assistant Editor03.02.21
Inter Parfums Inc. has reported results for the fourth quarter and year ended December 31, 2020.
Net sales for the fourth quarter were $184.0 million, up 3.5% compared to $177.8 million in the fourth quarter of 2019. Net sales by European based operations rose 8.1% to $139.6 million from $129.1 million. Net sales by U.S. based operations declined 8.8% to $44.4 million from $48.7 million.
For the year as a whole, net sales declined 24.5% to $539.0 million from $713.5 million in 2019.
Throughout the past year, the Covid-19 pandemic and its repercussions impacted sales in all regions, with the steepest year-over-year sales declines in two of Inter Parfum’s smaller markets, the Middle East and Eastern Europe, down 35.5% and 40.0%, respectively. The company’s two largest markets, North America and Western Europe, had far more modest sales declines of 17.8% and 20.7%, respectively. Much of the 28.2% sales decline in Asia was attributable to the reduction in air travel, and corresponding impact on the travel retail business.
Jean Madar, chairman & CEO of Inter Parfums commented, “As we’ve reported in January, we ended the year with a surprisingly strong fourth quarter, in fact our best ever fourth quarter ever in terms of sales. Our largest European brands, Montblanc, Jimmy Choo, and Coach achieved comparable quarter sales growth of 9.8%, 13.4%, and 18.0%, respectively, all the more gratifying in that no new products were launched in that period. We are also very pleased by the preliminary sales of Anna Sui Sky, which began to rollout in the final quarter of 2020, contributing to that brand’s 62.3% increase in fourth quarter sales.”
The company also adjusted its guidance for 2021. It now predicts that net sales will fall within the $650 million and $660 million range, factoring in negligible travel retail sales.
Net sales for the fourth quarter were $184.0 million, up 3.5% compared to $177.8 million in the fourth quarter of 2019. Net sales by European based operations rose 8.1% to $139.6 million from $129.1 million. Net sales by U.S. based operations declined 8.8% to $44.4 million from $48.7 million.
For the year as a whole, net sales declined 24.5% to $539.0 million from $713.5 million in 2019.
Throughout the past year, the Covid-19 pandemic and its repercussions impacted sales in all regions, with the steepest year-over-year sales declines in two of Inter Parfum’s smaller markets, the Middle East and Eastern Europe, down 35.5% and 40.0%, respectively. The company’s two largest markets, North America and Western Europe, had far more modest sales declines of 17.8% and 20.7%, respectively. Much of the 28.2% sales decline in Asia was attributable to the reduction in air travel, and corresponding impact on the travel retail business.
Jean Madar, chairman & CEO of Inter Parfums commented, “As we’ve reported in January, we ended the year with a surprisingly strong fourth quarter, in fact our best ever fourth quarter ever in terms of sales. Our largest European brands, Montblanc, Jimmy Choo, and Coach achieved comparable quarter sales growth of 9.8%, 13.4%, and 18.0%, respectively, all the more gratifying in that no new products were launched in that period. We are also very pleased by the preliminary sales of Anna Sui Sky, which began to rollout in the final quarter of 2020, contributing to that brand’s 62.3% increase in fourth quarter sales.”
The company also adjusted its guidance for 2021. It now predicts that net sales will fall within the $650 million and $660 million range, factoring in negligible travel retail sales.
