NEW YORK — Sales of Burberry fragrances drove Inter Parfums Inc. to double-digit earnings gains for the second quarter.
For the three months ended June 30, the New York-based perfume manufacturer saw earnings rise 15.8 percent to $3.4 million, or 17 cents a diluted share, compared with earnings of $2.9 million, or 15 cents, in the same period a year ago.
Sales, led by Burberry offerings, rose 12.9 percent to $46.7 million from $41.4 million.
“Burberry fragrances continued to produce strong growth, driven by the excellent performance of the Burberry London and Burberry Weekend line, further gains by the Burberry Touch line and the success of the Burberry Brit for women collection,” said Jean Madar, chairman and chief executive officer, in a statement. Management is in talks with Burberry to establish a long-term fragrance license and expects an agreement to be reached in September.
According to Madar, the company has seen increased penetration into the U.S. market. However, those gains were “more than offset” by the company’s decision to reduce sales to Mexico and Central and South America in an effort to reduce credit risk.
Results were stronger for the first six months of the year, with earnings jumping 50.4 percent to $8.2 million, or 40 cents a share, against earnings of $5.4 million, or 27 cents, in the year-ago period.
Fueling earnings was a 33.1 percent sales boost to $105.1 million from $79 million.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"