New York-based fragrance producer Inter Parfums Inc. reported Monday its second-quarter profits increased 12 percent despite a double-digit sales decline.
Net income for the three months ended June 30 came in at $4.2 million, or 14 cents a diluted share, compared with $3.8 million, or 12 cents, in the same period a year ago. Wall Street analysts estimated earnings per share would be 10 cents, according to Yahoo Finance.
Earlier the firm reported quarterly sales decreased 10.6 percent to $88.6 million from $99.1 million a year ago.
Net income dropped 22.6 percent for the first six months of the year with Inter Parfums posting profits of $9.7 million, or 32 cents a share, versus $12.5 million, or 40 cents, in the first half of 2008.
The company reaffirmed is full-year 2009 guidance, which calls for net sales of $390 million and profits of $21 million, or 70 cents a share. “Based upon our new product launch schedule, as well as the seasonality of our business, we expect a stronger second half,” said Russell Greenberg, executive vice president and chief financial officer.
Inter Parfums is the worldwide licensee for Burberry, Van Cleef & Arpels, Paul Smith, S.T. Dupont, Quiksilver and Roxy fragrances; owns Lanvin Perfumes and Nickel, a men’s skin care company, and produces Gap, Banana Republic, New York & Company, Brooks Brothers and Bebe personal care products.
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