Inter Parfums, Inc. Provides Business Update in Connection With Coronavirus Pandemic

About this update from Interparfums, Inc.

[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nInter Parfums, Inc. (NASDAQ GS: IPAR) today provided a business update in connection with the evolving global health and business situation resulting from the COVID-19 pandemic.\n\n\nJean Madar, Chairman and CEO of Inter Parfums, Inc. noted, “First and foremost, we have taken action to help ensure the safety of our employees and, wherever possible, our business partners, while readying our operations for a return to growth. We are following and taking all appropriate measures in all countries in which we operate to comply with public recommendations. Our teams are set up to work from home and carry on business as efficiently as possible. While the duration, scale, spread and conclusion of the Coronavirus are beyond our control, we are well prepared financially and operationally to withstand the resulting business downturn and to return to normalized operations once the health crisis is largely resolved.”\n\n\nHe continued, “Our conservative financial tradition has enabled us to amass hefty cash balances and nominal long-term debt. We entered 2020 with $253 million in cash, cash equivalents and short-term investments, and only $10.7 million of long-term debt. Nonetheless, we will tighten our belts when appropriate, with an eye toward minimizing fixed expenses and protecting cash flow. However, our quarterly dividend of $0.33 will be paid on time on April 15, 2020.”\n\n\nMr. Madar went on to say, “Operationally, we are preparing for increased demand in the post-COVID-19 environment, with business in Asia already showing signs of a comeback. Of note, we have seen a resumption of more normalized sales levels in South Korea and China, with internet sales especially strong. We are gearing up to be prepared to rapidly fill the distribution channels once the crisis is behind us. In that regard, we have maintained reasonable inventory levels of components and finished goods, and are gaining local market intelligence from our distributors and production capacity data from our suppliers.”\n\n\nMr. Madar concluded, “Our Company is fundamentally strong. We have every confidence that with our portfolio of prestige brands, financial wherewithal, global distribution network, and our dedicated staff and partners throughout the world, our business will once again grow and thrive. However, there remain many uncertaint...

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