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Inter Parfums, Inc. (IPAR) Reports Increases for Fourth Quarter and Year-End Results

Inter Parfums, Inc. (IPAR), based in New York, New York, develops, manufactures and distributes prestige perfumes and cosmetics as the exclusive worldwide licensee for Burberry, Paul Smith, S.T. Dupont, Christian Lacroix, Quiksilver/Roxy, and Van Cleef & Arpels. The company also owns Lanvin Perfumes and Nickel S.A., a men’s skin care company. It also produces personal care products for specialty retailers under exclusive agreements with Gap Inc., New York & Company, and Brooks Brothers.

The company recently announced its results for the fourth quarter and year ended December 31, 2007. For the fourth quarter, net sales rose 32% to $119.4M, up from $90.2M compared to the same quarter of the previous year. Sales by European-based operations were $96.6M, up 37% compared to $70.4M, and U.S. based operations generated $22.8M in sales, an increase of 15%. Net income rose to $8.6M, an increase of 57% from $5.5M of the same quarter previous year.

As for the end year results, the company reported record net sales of $389.6M, an increase of 21% from $321.1M of the previous year. At comparable foreign currency exchange rates, net sales for 2007 were up 15%; European-based sales rose to $330.8M, up 22%; and US-based sales rose 15%. The increase in US-based sales was the result of Inter Parfums’ specialty retail business with Gap, Banana Republic, and New York & Company. Net income increased to $23.8M, up 34% from $17.7M.

Russell Greenberg, executive vice president and CFO stated, “As a result of the better than expected performance in 2007 and the initial success with our 2008 launch schedule, we are raising our 2008 guidance to net sales of approximately $442M and net income of approximately $25.8M. This guidance assumes the dollar remains at current levels.”

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