PARIS — Inter Parfums SA said first-quarter sales dropped 49 percent, dented by the downturn in the Russian market as well as a weaker performance of its Jimmy Choo and Lanvin brands.

Sales for the Paris-based subsidiary of Inter Parfums Inc. reached 74.8 million euros, or $102.5 million, in the three months ended March 31.

On a like-for-like basis, excluding sales from the former Burberry license, revenues gained 16.3 percent.

Dollar figures are converted to euros at average exchange for the period to which they refer.

The firm reported a 12 percent decline in sales for Eastern Europe against the backdrop of the Russian crisis and the ruble’s strong depreciation.

The slowdown in Russia and high comps with last-year’s first quarter negatively impacted the sales of Lanvin, which fell 19 percent, while Jimmy Choo was down 28 percent compared to the year-ago period. 

Inter Parfums SA said it expects to maintain its annual sales target of 280 million euros, or $387 million, for 2014, despite an adverse trend for the euro-dollar exchange rate.

load comments
blog comments powered by Disqus