Inter Parfums Inc. has reported that 2013 got off to a roaring start.
Jean Madar, the company’s chairman and chief executive officer, intends to keep it that way, even without the Burberry license, with a robust new product portfolio.
During a conference call with analysts on Thursday morning, Madar said this year “will be one of the busiest years for new products in our history.”
On Wednesday evening, the company reported that net income attributable to the company in the first quarter more than doubled to $31.7 million, or $1.03 a diluted share, compared with $15.5 million, or 51 cents a share, in the year-ago period.
Net sales for the quarter ended March 31 gained 29.3 percent to $213.8 million, from $165.4 million in the prior-year period. At constant exchange, sales increased 29.4 percent.
Sales from the company’s European-based operations gained 34.4 percent to $195.1 million, boosted by a strong performance by Burberry, which gained 53 percent in the quarter. As reported, Inter Parfums and Burberry have terminated their license agreement, with Burberry exiting the portfolio on March 31. Excluding Burberry, Inter Parfums’ European-based sales increased 15.5 percent year-over-year to $85.5 million.
The company’s sales by U.S.-based operations declined 7.6 percent to 18.7 million. Madar said the U.S. sales in the first quarter faced a tough comparison with the prior-year period when sales surged 71 percent due primarily to the addition of the Anna Sui fragrances in January 2012.