Inter Parfums Inc. has seen a sharp drop in sales due to the coronavirus pandemic, the company said Wednesday.
European-based sales fell 68.6 percent, to $39.4 million for the quarter ended June 30, while U.S. sales dropped 75.2 percent, to $10.1 million.
Chairman and chief executive officer Jean Madar said that the company had anticipated sales declines due to the COVID-19 pandemic. “The impact of the COVID-19 pandemic, most notably store closures in many of the countries where our products are sold, was the primary reason for the steep decline in sales,” he said in a statement, adding that as stores started to reopen in May and June, sales started to rebound from “dismal” April levels.
“We are hopeful that this trend will continue as more stores reopen and customers feel more confident about in-store shopping,” he added.
That being said, Inter Parfums expects continued challenges for the rest of the year, especially in travel retail, which has historically made up between 15 percent and 20 percent of the overall business.
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