07.21.21
For the three months ended June 30, 2021, Inter Parfums Inc.’s net sales rose to $207.6 million, a significant increase in relation to the second quarter of 2020, but more importantly up 24.9% from the second quarter of 2019.
“The second quarter, like the first, far exceeded expectations. Once again, quarterly comparisons with 2019 are far more meaningful than with 2020, due to the impact in 2020 of the Covid-19 crisis,” said Jean Madar, chairman & CEO of Inter Parfums.
Among Inter Parfums’ largest brands within European based operations, Montblanc, Jimmy Choo and Coach brand sales increased 27.3%, 64.9% and 22.4%, respectively, compared to the 2019 second quarter.
Moving on to U.S. based operations, the 14.2% increase in second quarter sales compared to the same period in 2019 was in great part attributable to the GUESS brand, with legacy scents along with the new Bella Vita line driving growth.
Madar also noted, “Our stated goal of adding established fragrance brands to our portfolio is positioning our company for accelerated growth. As we reported earlier this month, we entered into a worldwide fragrance license agreement with Salvatore Ferragamo S.p.A., which is expected to close in October, when we will begin producing the suite of Ferragamo perfumes in Italy and distributing them worldwide through a new wholly-owned Italian company, based in Florence.”
He continued, “Work will also begin developing new fragrance entrants for the brand. Although no additional agreements for other brands have been finalized, discussions and negotiations are underway with owners of other brands.”
The company has also raised its 2021 guidance. It is now looking for net sales of approximately $750 million resulting in diluted net income per share of $1.95. Inter Parfums’ previous guidance called for net sales of $700 million and diluted net income per share of $1.65.
“The second quarter, like the first, far exceeded expectations. Once again, quarterly comparisons with 2019 are far more meaningful than with 2020, due to the impact in 2020 of the Covid-19 crisis,” said Jean Madar, chairman & CEO of Inter Parfums.
Among Inter Parfums’ largest brands within European based operations, Montblanc, Jimmy Choo and Coach brand sales increased 27.3%, 64.9% and 22.4%, respectively, compared to the 2019 second quarter.
Moving on to U.S. based operations, the 14.2% increase in second quarter sales compared to the same period in 2019 was in great part attributable to the GUESS brand, with legacy scents along with the new Bella Vita line driving growth.
Madar also noted, “Our stated goal of adding established fragrance brands to our portfolio is positioning our company for accelerated growth. As we reported earlier this month, we entered into a worldwide fragrance license agreement with Salvatore Ferragamo S.p.A., which is expected to close in October, when we will begin producing the suite of Ferragamo perfumes in Italy and distributing them worldwide through a new wholly-owned Italian company, based in Florence.”
He continued, “Work will also begin developing new fragrance entrants for the brand. Although no additional agreements for other brands have been finalized, discussions and negotiations are underway with owners of other brands.”
The company has also raised its 2021 guidance. It is now looking for net sales of approximately $750 million resulting in diluted net income per share of $1.95. Inter Parfums’ previous guidance called for net sales of $700 million and diluted net income per share of $1.65.
