Inter Parfums, Inc. reported that net sales for the fourth quarter of 2011 were approximately $189.1 million, a 68% increase from $112.5 million in the fourth quarter of 2010. The growth is attributed in part to the strong performance of Burberry Body, Jimmy Choo, Montblanc, and Betsey Johnson Too Too products. At comparable foreign currency exchange rates, fourth quarter net sales were up 61%. The 2011 net sales rose 34% to $615.2 million, exceeding management’s guidance of $570.0 million. At comparable foreign currency exchange rates, 2011 net sales were up 28%. Inter Parfums plans to issue its results for the fourth quarter and year ended December 31, 2011 on March 13, 2012.
“In local currency, Burberry fragrance sales were up 96% in the final quarter of 2011 and 20% for the full year 2011 due in great part to solid performances by the brand's historic lines and the highly successful global rollout of Burberry Body,” said Jean Madar, chairman & CEO of Inter Parfums regarding European-based operations. Other factors contributing to the sales increase include the continued strong momentum of the Jimmy Choo and Montblanc fragrance launches. In addition, the 2011 sales increase reflects the commencement in January 2011 of European-based product distribution in the U.S. by Interparfums Luxury Brands, a subsidiary of Interparfums, S.A.
“We were very pleased by the continued sales strength in 2011 for our European-based products in certain markets. Sales in local currency in Asia rose 37%, the Middle East by 20%, Eastern Europe by 17% and South America by 48% as compared to 2010. Even in our largest, most established markets there was significant year-over-year growth as sales in Western Europe rose 10% in local currency, while North America posted an 87% increase, which includes the positive effect of taking over European-based product distribution in the U.S,” Madar said.
While there were no major US launches in the final quarter of the year, sales were ahead of last year due to the continued rollout and reorders of Betsey Johnson Too Too, and the continued strong performance of the specialty retail products in international markets, he added.
“While sales were 8% ahead of our previous forecast, we are maintaining our 2011 guidance for net income attributable to Inter Parfums, Inc. of approximately $32.5 million or $1.05 per diluted share, as a result of significant advertising and promotional expenditures incurred,” said Russell Greenberg, executive vice president & chief financial officer. “We look forward to continued top and bottom line growth in 2012. As previously reported, for 2012 we expect net sales of approximately $625.0 million and net income attributable to Inter Parfums, Inc. of approximately $35.7 million, or $1.16 per diluted share. Guidance assumes the dollar remains at current levels.”