Inter Parfums reports 14% sales increase in the second quarter
Inter Parfums, Inc. reported for the second quarter 14.8% increase in net sales to $117.2 million from $102.0 million and a 14.2% increase in consolidated net sales at a comparable foreign currency exchange rate.
Chairman and CEO Jean Mader attributes the growth in sales to the performances of Montblanc and Jimmy Choo fragrances, the integration of Rochas fragrances and international distribution for the first Abercrombie & Fitch men’s scent, First Instinct, and the Hollister Wave fragrance.
Mader said, “Contributing to the 32% second quarter increase in Montblanc brand sales was the very promising launch of the Legend Spirit line and the continued popularity of the original Legend line. Jimmy Choo fragrance sales rose 43%, due in great part to the ongoing roll-out of Illicit, our third women’s line which debuted last year and the steady performance of the Jimmy Choo Man line. Rochas fragrance sales have been strong in Spain and France, the brand’s most established markets, thanks to legacy scents, Eau de Rochas and Rochas Man.”
The Chairman and CEO made note of Lanvin’s fragrance sales decline due to the “economic slowdown” in Russia and China, but he expects sales to pick up with the fall launch of a new scent. Coach also has a scent on the way, the first ever for the brand, and it will launch at 3,000 US stores in mid-September. The new Coach scent is expected to be available in 20,000 global doors by the end of 2017.
Dunhill continues to perform well for Inter Parfums posting a 23% increase in comparable quarter sales despite the absence of a new product launch.
Russell Greenberg, Executive Vice President & Chief Financial Officer stated, “We are still on track to achieve 2016 net sales of between $500 million to $510 million.” For the six months of 2016 ended on June 30, net sales increased 8.2% to $228.7 million from $211.3 million.