The company has also raised its 2014 preliminary guidance to approximately $475 million, a 16 percent increase compared to anticipated sales in 2013.
Inter Parfums raised the guidance in response to anticipated growth in EU and US operations and strong sales in leading brands and new product lines which will be introduced in 2014.
Jean Madar, Chairman and CEO, commented on the company’s 2014 operations: “We are looking for solid growth in both our European and US-based operations. Expectations remain high for our largest brands, Lanvin, Jimmy Choo and Montblanc.”
“New fragrances for Repetto and Boucheron begin rolling out this fall, and we have major new product launches for Balmain and Karl Lagerfeld coming to market in 2014.”
The company has invested heavily in advertising in order to support their upcoming product launches and development of flagship brands.
Despite this, Inter Parfums anticipate an increase in income and growth in share prices to approximately $1.18 per diluted share.
Russell Greenberg, executive VP and CFO, stated: “As we reported last month, during the second half of the year, we are investing heavily in promotion and advertising to bolster support for the aforementioned product launches and the continued worldwide development of our largest brands.”
“Nonetheless, we have increased our 2013 guidance for net income attributable to Inter Parfums, Inc. to approximately $1.18 per diluted share.”
According to Greenberg, the company plans to continue to update the guidance as they “gain greater visibility over time.”
Sales in 2014
Going forward, Inter Parfum intends to introduce new brands to the US market in collaboration with major established retailers, which they believe will boost their sales in the region.
Madar commented: “In 2014, our sales should benefit from recently signed license agreements with Alfred Dunhill, Agent Provocateur and Shanghai Tang for which we have new product launches planned.”
“We will also introduce fragrances for a number of our established brands, and reinvigorate existing lines with new packaging.”