Strong sales in its European-based business helped anchor Inter Parfums Inc.’s 94.8 percent jump in first-quarter profits, the fragrance maker said late Monday.
For the period ended March 31, net income attributable to the New York-based company registered $12.8 million, or 41 cents a diluted share, compared with income of $6.6 million, or 22 cents a share, in the year-ago quarter. Net sales grew 11.7 percent to $133.4 million from $119.4 million.
Analysts expected earnings per share of 26 cents on sales of $133.6 million, according to Yahoo Finance.
Sales in Europe gained 12.3 percent to $121.6 million, while those by U.S.-based operations rose 6.5 percent to $11.8 million.
Gross margin expanded to 64.9 percent of sales, versus 60.1 percent a year ago.
“The selective launch of the Jimmy Choo signature fragrance surpassed our expectations and the level of reorders, even in its limited distribution, even surprised us,” said chairman and chief executive officer Jean Madar.
Madar also noted that strength in Europe was due largely to the commencement of its prestige product distribution in the U.S. by its subsidiary, Interparfums Luxury Brands.
In the U.S., the ceo said sales growth was due to “increased international distribution of specialty retail products and new product launches for the Gap and Banana Republic brands.”