New York-based Inter Parfums Inc. reported Tuesday afternoon that third-quarter profits attributable to the firm came in at $8.4 million, or 28 cents a diluted share, a 16.3 percent increase from $7.3 million, or 24 cents, in the same period a year ago.
Results beat consensus estimates by 6 cents, according to Yahoo Finance.
Sales for the quarter ended Sept. 30 rose to $120.9 million, a 2.8 percent uptick from $117.5 million last year.
Discussing sales in Europe, which account for the bulk of the firm’s total business, Jean Madar, chairman and chief executive officer, stated, “As compared to the first two quarters of this year, third-quarter product launches were far more modest.” He added that “following the 71 percent increase in second-quarter sales by U.S.-based operations, third-quarter inventory shortfalls pushed certain shipments into the fourth quarter.”
Year-to-date earnings attributable to the firm were $20.4 million, or 67 cents a share, up 20.3 percent from $16.9 million, or 56 cents, compared with the first nine months of 2009. Sales rose 17.3 percent to $348 million from $296.6 million in last year’s quarter.