Inter Parfums Inc.’s stock dipped after the company missed analyst estimates for first-quarter sales.
At midday Thursday, the company’s stock was down nearly 5 percent, to $71.84.
For its fiscal first quarter, the fragrance business posted $178.2 million in net sales during the quarter, a 3.8 percent year-over-year increase. Net sales from European operations were down 3.8 percent, to $143.7 million, while net sales from U.S. operations were up 54.8 percent, to $34.5 million.
Analysts were forecasting 9.6 percent growth in the quarter.
“We expect the remainder of 2019 to be stronger, as the company has planned launches for every major brand in their portfolio,” wrote Jefferies analyst Steph Wissink in a note.
The U.S. increase was driven by Guess, which Inter Parfums acquired from Coty Inc. Inter Parfums chief executive Jean Madar called it “far and away the primary contributor to the 54.8 percent increase.” Anna Sui’s fragrance sales were flat, and Oscar de la Renta posted gains due to the launch of Bella Rosa, the company said.
In Europe, Montblanc and Jimmy Choo continued to post gains. Montblanc was up 9.8 percent in the quarter due to the launch of Montblanc Explorer. Jimmy Choo fragrance sales were up 25.8 percent in the quarter, driven by the Jimmy Choo Floral line. Jimmy Choo Man Blue and Fever also continued to sell well.
At Coach, which has done well since launch, sales were down 22.3 percent year-over-year due to being compared to a 242 percent increase from the prior-year period. Lanvin also posted a decrease — 18.9 percent from the prior-year period — but plans to launch A Girl in Capri this year, which is expected to help boost sales.
Upcoming major launches includes a new men’s fragrance pillar for Jimmy Choo, Authentic by Abercrombie & Fitch, Mermaid by Anna Sui, brand extensions for Guess 1981 and Guess Seductive, Lily Aldrige’s direct-to-consumer fragrances’ and Graff’s first fragrances.