Inter Parfums announces mixed results for its first quarter
Inter Parfums on Tuesday released its Q1 2015 results, which included a decline in sales due to the decline of the euro and an increase in sales by US-based operations thanks to the launch of two new fragrances.
Net sales were $109.2 million compared to $121.7 million. But at comparable foreign currency exchange rates, net sales declined only 2.8%. European-based operations generated net sales of $86.7 million compared to $102.3 million. Sales by U.S.-based operations rose 16% to $22.5 million from $19.4 million.
Gross profit margin was 61.9% of net sales as compared to 56.9% in 2014.
Operating income was $21.1 million, up 20.9% as compared to $17.4 million. Operating margin rose to 19.3% compared to 14.3%. Net income attributable to Inter Parfums, Inc. was $10 million or $0.32 per diluted share, compared to $8.9 million or $0.29 per diluted share.
Gross profit margin was 61.9% of net sales compared to 56.9% which, once again for European-based sales, was primarily attributable to the strength of the U.S. dollar relative to the euro in the first quarter of this year as compared to last year's first quarter.
The average dollar-euro exchange rate for the three months ended March 31, 2015 was 1.13 as compared to 1.37 for the 2014 period. As was the case in the fourth quarter of 2014, the increase in gross margin for U.S.-based operations was due to a higher concentration of higher-margin prestige brand product sales as compared to lower-margin specialty retail product sales.
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