Jan 24, 2023
Inter Parfums posts record fourth-quarter sales, annual sales up double-digits
Jan 24, 2023
Inter Parfums Inc. announced on Monday double-digit revenue growth the full-year 2022, on the back of record fourth-quarter sales at the global perfume maker and licensor.
The New York-headquartered company said net sales rose to a record $311 million for three months ended December 31, a 47% increase from $211 million in the fourth quarter of 2021. At comparable foreign currency exchange rates, consolidated fourth quarter net sales increased 57%.
Likewise, for the full year, net sales rose to $1.087 billion, up 24% from $880 million in 2021 and slightly above the company's latest guidance of $1.08 billion. At comparable foreign currency exchange rates, consolidated 2022 net sales increased 30% from 2021.
“As we reported earlier this month, the fourth quarter of 2022 was exceptionally strong, ushering in the best year in our history. In the final quarter of the year, our four largest brands, Montblanc, Jimmy Choo, Coach and Guess generated sales gains of 50%, 78%, 82% and 28%, respectively, compared to the same period one year earlier," said Jean Madar, chairman and chief executive officer of Inter Parfums.
"Many of our other fragrance brands also achieved stellar comparable quarter growth. For our U.S. based operations, Oscar de la Renta and Abercrombie & Fitch grew sales by 28% and 16%, respectively, while for European operations, Moncler, Kate Spade and Boucheron generated comparable quarter gains of 34%, 140% and 25%, respectively.
For 2022 as a whole, the company said European operations grew sales by 26% in euros, or 12% in dollars.
"The year-over-year gains, in both euro and dollars, are all the more impressive considering our new product pipeline was dominated by flankers and extensions. However, we did bring to market several entirely new lines, including our first ever Moncler duo, Kate Spade Sparkle, Singulier by Boucheron and Open Road and Wild Rose by Coach," continued Madar.
The company said it witnessed a 58% increase in U.S. based sales driven by its newer brands, Donna Karan and DKNY, which it took over in August and contributed to 14% of its sales growth, in addition to the continued sales of established lines.
"Our like-for-like growth of 47% on the balance of the portfolio reflects the launches of Uomo by Guess and Alibi by Oscar de la Renta, plus numerous extensions across our mid-sized brands, and the continued success of Ferragamo, which entered its second year with us in the fourth quarter," added Madar.
Looking ahead, the company said it plans to roll out new pillars for Kate Spade, Coach and Moncler within Europe. For the U.S., it will debut its first men’s scent for MCM, plus new flankers for the most popular DKNY Be Delicious, Ferragamo, Guess, Oscar de la Renta, Abercrombie & Fitch and Anna Sui collections.
The company also reiterated its full-year 2023 guidance of $1.15 billion in net sales for earnings per diluted share of $3.75 during the 12 months.
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