First-quarter profits at New York-based Inter Parfums Inc. increased 20.7 percent to $6.6 million, or 22 cents a diluted share, from $5.4 million, or 18 cents, in the prior-year period, meeting expectations of Wall Street analysts polled by Yahoo Finance.
Growth was propelled by high double-digit gains in the Burberry, Lanvin and Van Cleef & Arpels fragrance businesses.
Last month, the firm reported that revenues rose 32.1 percent to $119.4 million in the three months ended March 31 with European- and U.S.-based product sales rising an identical 32.1 percent to $108.3 million and $11.1 million, respectively. In the 2009 quarter, overall sales were $90.4 million, with Europe accounting for $82 million of the total and the U.S. $8.4 million.
As a result of the recent strengthening of the dollar versus the euro, the company — whose Paris-based subsidiary Inter Parfums SA accounts for 75 percent of the total business — has increased its annual net earnings guidance to about $24 million, or 80 cents a share, from about $23.5 million, 78 cents.
Looking ahead, Jean Madar, chairman and chief executive officer of Inter Parfums Inc., noted the firm will begin distributing Montblanc’s “legacy” fragrances on July 1 and plans a new Montblanc fragrance for spring 2011. He also stated that the firm’s first Burberry cosmetics collection will be launched in a highly limited distribution network of about 30 doors worldwide in July.
Speaking of possible new business, Madar stated, “We are in discussions with a number of brand owners and…we remain confident that we will be able to further expand our portfolio this year.”
Madonna turns 59 today, marking another year of show-stopping, one-of-a-kind bold looks from the singer. To celebrate, we took a look at the superstar's most memorable fashion moments. Here, Madonna sits front row at Versace's spring runway show in 1995. See more exclusive photos from the #wwdarchive on WWD.com. #wwdeye (📷: Cédric Dordevic)
WWD asked a handful of creative directors to evaluate the September covers of leading women's fashion magazines. How do they think the covers this year compare with years gone by, and what do they say about the current status of the publication? Link in bio. (GIF by @hypebreast)
"Stephen King is such a master, but I don't like being scared - there's enough that's really scary. How about the morning's news?" says Holland Taylor in an interview with WWD. See what else the actress said about starring in the TV adaptation of King's thriller "Mr. Mercedes" on WWD.com. #wwdeye (📷: @jgreenery)