Fourth-quarter profits at New York-based Inter Parfums Inc. fell by 40.8 percent as sales for the quarter ended Dec. 31 slumped 15.9 percent, compared with the same period a year ago.
Net earnings dropped to $5.1 million, or 17 cents a diluted share, from $8.6 million, or 28 cents, on sales that were down to $100.4 million from $119.4 million in the year-ago period. Results were below Wall Street analysts’ expectations of 21 cents a share, according to Yahoo Finance.
Net earnings were impacted by slower sales of Inter Parfums’ Nickel men’s skin care brand, the company said, as well as the strengthening U.S. dollar and interest expenses.
For the full year, profits were flat — down just 0.25 percent to $23.77 million, or 77 cents a diluted share, last year from $23.82 million, or 76 cents, in 2007. Annual sales increased by 14.5 percent to $446.1 million in 2008 over $389.6 million in 2007.
The company noted that it is “taking actions to mitigate” the negative effect of the global financial crisis on consumer demand, which has resulted in the firm’s distributors and retailers carrying less inventory.
Still, “As a result of the global economic crisis, as well as the continued strength of the U.S. dollar relative to the euro, we are revising our 2009 guidance to net sales of $390 million, with net income of approximately $21 million, or 70 cents per diluted share, assuming the dollar remains at current levels,” the company stated.
Meanwhile, earlier this week, Inter Parfums SA, the Paris-based subsidiary of Inter Parfums Inc., reported net profit for 2008 was up 5 percent on-year at 21.1 million euros, or $31 million, at average exchange.
Operating profit spiked by 8 percent for the year at 34.3 million euros, or $50.47 million. The company’s sales for 2008 came in at 264.9 million euros, or $389.8 million, up 9 percent year-on-year.
“We met sales and earnings objectives for 2008 despite the challenging economic conditions of the second half,” stated Philippe Benacin, Inter Parfums SA’s chairman and chief executive officer.
“Information on the market received in the beginning of 2009 is relatively mixed,” he added. “Nevertheless, despite reduced visibility, based on satisfactory sales for the first quarter, we have not modified annual sales targets of 273 million euros [$349.7 million at current exchange] for 2009. In addition, we will continue to pursue opportunities for external growth in an environment now more favorable for acquisitions.”
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)