Inter Parfums Inc. is riding the wave of new fragrances.
The company, which has a portfolio of fragrance brands that includes Burberry and Jimmy Choo, saw profits rise 21.5 percent in the first quarter, on sales that gained 24 percent.
For the three-month period ended March 31, net income attributable to the company was $15.5 million, or 51 cents a diluted share, compared with $12.8 million, or 41 cents a share, in the prior year. Sales were $165.4 million, compared to $133.4 million.
The firm’s European-based operations gained 19 percent to $145.2 million, fueled by a double-digit sales increase across both the Burberry and Lanvin brands. Referring to Inter Parfums’ Burberry business, Jean Madar, chairman and chief executive officer, said, “Discussions are being actively pursued with Burberry on the creation of a new operating structure for the Burberry fragrance and beauty business.”
The company’s U.S. sales rocketed up 71 percent to $20.2 million in the quarter, due to new product launches for Nine West, Banana Republic and Gap, and boosted by the addition of Anna Sui fragrance sales as of Jan. 1.