LONDON — First-half net income at Inter Parfums SA more than halved to 13.8 million euros, or $18.9 million, while sales in the period dipped to143.9 million euros, or $197.1 million, due chiefly to the termination of the Burberry license agreement last year.
Operating profit in the six-month period also fell by more than 50 percent to 20 million euros, or $27.4 million. The company released first-half profit figures on Wednesday, and said this year’s and last year’s figures were not comparable due to the termination of the Burberry license on March 31, 2013.
Dollar figures have been converted at average exchange rates for the six months to June 30.
The operating margin in the period was 13.9 percent, and the net margin 9.6 percent, which the company said was in line with budgets and in spite of adverse exchange rate conditions. Inter Parfums said that operating margins for the full year would be 10-11 percent, as previously announced.
The company said it achieved 21 percent like-for-like sales growth in the period in markets that remain “mixed.” Growth was fueled by the continuing strength of the Montblanc Legend line, the launch of Montblanc Emblem and Karl Lagerfeld lines, and “steady sales” by Lanvin fragrances.
Phillippe Santi, executive vice president, said the development strategy launched in 2013 contributed to organic growth in the 2014 first half “considerably outperforming” the worldwide market. “In a decelerating market environment, we intend to maintain our growth-building strategy, adapted to each brand, and to pursue our trajectory for medium- and long-term expansion.”