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.”