Inter Parfums Inc.'s deal with Gap Inc. pushed U.S. sales to double-digit growth in the third quarter.
Company chairman and chief executive officer Jean Madar said the launch of Gap Inc.'s Discover Collection, a range of fragrance and body care products, into Banana Republic stores during the third quarter ended Sept. 30, fueled U.S. sales growth 64 percent to $13.6 million, up from $8.3 million in the year-earlier period.
The fragrance firm posted net earnings of $4.6 million, or 23 cents a share, compared with $3.8 million, or 18 cents, in the year-ago period, an increase of 21 percent, as net sales gained 19 percent to $89.7 million from $75.4 million.
For the nine-month period, the company posted net earnings of $12.3 million, or 60 cents a share, compared with $11.4 million, or 56 cents, from the year-earlier period, as net sales rose 11 percent to $230.9 million from $207.9 million.
European product sales increased 13 percent to $76.1 million, largely driven by the launch of the Rumeur scent, which helped to lift Lanvin fragrance sales 56 percent during the quarter.
Madar said the Banana Republic Discover Collection, which launched in September, is off to a solid start, and that the company is shipping a home fragrance collection to the specialty chain. He acknowledged that the initial sell-through of the line was stronger than expected, saying, "We could have done with a bigger pipeline." Inter Parfums will begin shipping a similar program to Gap stores this spring. Madar said he expects the collection will launch in 250 Gap stores in April, and then roll out the remainder of the chain in 200 store increments. Advertising is slated to break in fall 2007.
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