Inter Parfums, Inc. Provides Initial 2019 Guidance with Record Sales and Earnings
13 November 2018 - 8:05AM
Business Wire
Inter Parfums, Inc. (NASDAQ GS:IPAR) today announced initial
2019 guidance, which calls for net sales of approximately $705
million, resulting in net income attributable to Inter Parfums,
Inc. of approximately $1.81 per diluted share. Guidance assumes an
average dollar/euro exchange rate of 1.14 for 2019, down 5% as
compared to the exchange rate of 1.20 through September 30,
2018.
Russell Greenberg, Executive Vice President & Chief
Financial Officer of Inter Parfums, stated, “Our initial 2019 sales
guidance implies a 6% year-over-year increase based upon our 2018
net sales guidance of $665 million. The projected strengthening of
the dollar masks what would have been closer to a 9% increase in
net sales in constant dollars. While a strong U.S. dollar has a
negative impact on our net sales, it favorably impacts gross
margin, because over 45% of net sales of our European operations
are denominated in U.S. dollars, while almost all associated costs
are incurred in euro. As such, we are looking for 2019 net income
per diluted share attributable to Inter Parfums, Inc. to increase
12.4% using $1.61, our 2018 estimate, as a base.”
Jean Madar, Chairman and Chief Executive Officer, commented,
“The increase in projected net sales reflects contributions made by
fragrance launches, brand extensions and just as important, the
staying power of many of our well-established best sellers. With
regard to our largest brands within our European operations, we
will unveil Montblanc Explorer, a new men’s scent, in all
geographic markets early in the new year. In addition, Jimmy Choo
will add a new scent for men as the year draws to a close in the
fall. Two new scents for women debut next year, A Girl in Capri for
Lanvin in the summer and Floral Blush, a Coach flanker in the fall.
In addition, brand extensions, additions to multi-scent collections
and limited edition scents are coming to market for our other
brands including, Rochas, Boucheron, Van Cleef & Arpels, S.T.
Dupont, Repetto and Paul Smith, throughout the year.”
With regard to U.S. operations, Mr. Madar pointed out, “GUESS
fragrance sales will be recorded for all of 2019 compared to about
seven months in 2018. For that brand, we plan to rollout two
extensions, one each for the 1981 and Seductive pillars. We will
also animate several of our newer fragrance families with flankers,
including one or more each for Bella Blanca by Oscar de la Renta,
Fantasia for Anna Sui, Century by Dunhill and Wave and Festival
Vibes for Hollister. Also coming to market is Authentic, an
entirely new fragrance duo for Abercrombie & Fitch planned for
a spring introduction and a multi-scent men’s collection for
Dunhill in the second quarter. Late in the year, two of our new
business initiatives debut. We will unveil our first deluxe
fragrance collection for Graff, and offer a new exclusive amenities
to the most prestigious hotels and travel venues. 2019 will also
mark our entry into direct-to-consumer e-commerce with a fragrance
collection created with supermodel Lily Aldridge, our first
initiative between our Interstellar Brands subsidiary and IMG
models. Everything points to 2019 being a highly ambitious and
productive year, resulting in record sales and earnings.”
Founded more than 30 years ago, Inter Parfums, Inc. is a premier
fragrance company with a diverse portfolio of prestige brands that
includes Abercrombie & Fitch, Agent Provocateur, Anna Sui,
Boucheron, Coach, Dunhill, Graff, GUESS, Hollister, Jimmy Choo,
Karl Lagerfeld, Lanvin, Montblanc, Oscar de la Renta, Paul Smith,
Repetto, Rochas, S.T. Dupont and Van Cleef & Arpels. The
fragrance products developed, produced and distributed by Inter
Parfums are sold in more than 100 countries throughout the
world.
Statements in this release which are not historical in nature
are forward-looking statements. Although we believe that our plans,
intentions and expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
plans, intentions or expectations will be achieved. In some cases
you can identify forward-looking statements by forward-looking
words such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "should," "will," and "would," or
similar words. You should not rely on forward-looking statements,
because actual events or results may differ materially from those
indicated by these forward-looking statements as a result of a
number of important factors. These factors include, but are not
limited to, the risks and uncertainties discussed under the
headings “Forward Looking Statements” and "Risk Factors" in Inter
Parfums' annual report on Form 10-K for the fiscal year ended
December 31, 2017 and the reports Inter Parfums files from time to
time with the Securities and Exchange Commission. Inter Parfums
does not intend to and undertakes no duty to update the information
contained in this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181112005725/en/
Inter Parfums, Inc.Russell Greenberg, Exec. VP & CFO, (212)
983-2640rgreenberg@interparfumsinc.comwww.interparfumsinc.comorInvestor
Relations CounselThe Equity Group Inc.Fred Buonocore, (212)
836-9607fbuonocore@equityny.comorLinda Latman, (212)
836-9609llatman@equityny.comwww.theequitygroup.com
Inter Parfums (NASDAQ:IPAR)
Historical Stock Chart
From Apr 2024 to May 2024
Inter Parfums (NASDAQ:IPAR)
Historical Stock Chart
From May 2023 to May 2024