Net Sales Rise To $309 Million for Inter Parfums in Q2 2023

Net sales for Inter Parfums, Inc rose to $309 million, up 26% from the same quarter last year, for the three months ended June 30, 2023. 

 

At comparable foreign currency exchange rates, consolidated 2023 second quarter net sales increased 25% compared to the second quarter of 2022.

 

The average dollar/euro exchange rate for the current second quarter was 1.09 compared to 1.06 in the second quarter of 2022, while for the first half of 2023, the average dollar/euro exchange rate was 1.08 compared to 1.09 in the first half of 2022, leading to a positive 1.3% foreign exchange impact for the quarter and a negative 0.5% for the first half, the company said.

 

“We are very pleased to have achieved another record second quarter sales,” said Jean Madar, chairman and CEO of Inter Parfums. “The 19% increase in net sales by our European based operations was driven by our three largest brands, Coach, Jimmy Choo, and Montblanc, which grew sales by 28%, 21% and 16%, respectively. Also contributing to the top line gains were our fragrance jewels,’ Van Cleef & Arpels and Boucheron, as well as fashion houses, Rochas and Kate Spade. The strength in the overall market, coupled with this year’s launches and brand extensions, including Jimmy Choo Rose Passion, Montblanc Signature Absolue and Explorer Platinum, Kate Spade Chérie, Coach Green and Love, and Rochas Eau de Rochas Citron Soleil and Girl Life, resulted in year-to-date sales gains of 23% for our European-based operations.
 

Madar said the company's US based operation “delivered a solid 42% growth during the second quarter with strong performance across most key brands in the portfolio.”

 

Guess fragrances saw continued success, which performed “exceedingly well” during the quarter across all geographies and was up 30% from the second quarter of 2022.

“This is driven by the sales of its newest pillars, Seductive Blue and Uomo Acqua. Second quarter Guess brand sales made up for the first quarter logjam experienced due to the ERP implementation. The significant growth in the quarter builds upon the 39% sales increase we reported for the second quarter of 2022,” he said.

 

Sales were also strong for Ferragamo fragrances, which the company recently enriched with sister scents for the Signorina and Storie di Seta collections. Oscar de la Renta also performed strongly during the quarter.

 

Said Michel Atwood, chief financial officer, “The healthy fragrance market and ongoing consumer demand, combined with most of our brands outperforming and gaining market share, enables us to again raise our 2023 net sales guidance to $1.3 billion, up from $1.25 billion, originally communicated in April 2023.

 

“The increase in our sales guidance does not yet include initial sales of the newly acquired fragrance licenses, Roberto Cavalli and Lacoste. Robert Cavalli fragrances are expected to start shipping in November/December 2023 and Lacoste fragrances are expected to kick-off in 2024,” Atwood added.