Inter Parfums preliminary Q1 shows big revenue jump
The company posted a 32 percent increase in it group sales, a figure of $119.4m, compared to $92.0m in the same quarter last year. However this compares to a difficult Q1 in 2009, when sales fell by 1.4 percent.
The company said that the rise in sales was positively impacted by currency exchange rates, which meant that in organic terms, sales rose by 29 percent.
Strong sales in US and Europe
On a geographical basis, the company reported that sales were up by 32 percent in both the US and European markets, rising from $82.0m in the US to $108.3m, and up from $8.4m to $11.1m in Europe.
“First quarter sales growth was due in great part to the launch and global rollout of Burberry Sport fragrances, as well as the continued strong performance of established Burberry scents,” said Jean Madar, CEO of Inter Parfums.
The company said that sales of its leading Burberry brand were in fact up 25 percent in local currency, although it was also pointed out that for the comparable quarter Lanvin sales rose by 20 percent and Van Cleef & Arpels sales rose by 56 per cent in local currency.
Business rebound in many markets
“We are seeing business rebound in many geographic markets, especially Asia, South America, the Middle East, and Western Europe where comparable quarter sales rose 53 percent, 41 percent, 47 percent and 15 percent, respectively,” Madar added.”
On the back of the performance, the company reiterated its forecasts for the coming financial year, sticking to estimates that group sales will be around $440.0m, which should result in a net income of approximately $23.5m.
Shares fell slightly on the New York Stock Exchange following the announcement of the results, despite the fact that the sales figures were above analysts’ expectations. Thomson Reuters said that a selection of analysts it had polled thought that, on average, sales for Q1 would be approximately $103.2m.
Full results, including earnings, are due to be released on May 10.
