Inter Parfums Inc. stuck by its first-quarter profit guidance even as it reported a 32.1 percent increase in sales for the period.
Revenues rose 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.
“We are seeing business rebound in many geographic markets,” said Jean Madar, chairman and chief executive officer of the firm, “especially Asia, South America, the Middle East and Western Europe, where comparable-quarter sales rose 53 percent, 41 percent, 47 percent and 15 percent, respectively.”
The company confirmed its 2010 guidance for sales of $440 million and net income of approximately $23.5 million, or 78 cents a diluted share, assuming consistent currency exchange rates.
Linda Bolton Weiser, managing director at Caris & Co., raised her target price for the stock to $19 from $18 and, based on the higher-than-expected sales, lifted her first-quarter EPS estimate to 23 cents a share from 19 cents. “The weaker euro helps earnings, but [the firm] maintained EPS guidance of 78 cents just to be conservative so early in the year,” she wrote in a research note.
Shares of Inter Parfums Monday rose TK cents, or TK percent, to TK and hit a new 52-week high of TK in intra-day trading.
Concurrently on Friday, Inter Parfums SA, the Paris-based subsidiary of the New York-based parent, reported the Burberry brand’s sales registered a 25 percent uptick in the quarter to 52.7 million euros, or $73 million. Revenues from the Lanvin brand were more than 10 million euros, or $13.9 million, up approximately 20 percent. Dollar figures have been converted from the euro at average exchange rates for the period.
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