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Inter Parfums, Inc. Reports 2019 Fourth Quarter and Year End Results
2019 Net Sales and Diluted EPS Increase by 5.6% and 11.1%, Respectively NEW YORK--(BUSINESS WIRE)-- Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported
About this update from Interparfums, Inc.
[{"type":"text","content":"\n2019 Net Sales and Diluted EPS Increase by 5.6% and 11.1%, Respectively\n\n NEW YORK--(BUSINESS WIRE)--\nInter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the fourth quarter and year ended December 31, 2019. Of note, the average dollar/euro exchange rate for the 2019 fourth quarter was 1.11 compared to 1.14 in the fourth quarter of 2018. For the full years ended December 31, 2019 and 2018, the average dollar/euro exchange rates were 1.12 and 1.18, respectively.\n\n\nFourth Quarter 2019 Compared to Fourth Quarter 2018:\n\n\n\nNet sales were $177.8 million, up 0.3% from $177.2 million; at comparable foreign currency exchange rates, net sales increased 1.5%;\n\n\nNet sales by European based operations decreased 4.2% to $129.1 million from $134.8 million;\n\n\nNet sales by U.S. based operations were $48.7 million, up 14.7% compared to $42.4 million;\n\n\nGross margin was 64.5% compared to 66.1%;\n\n\nS,G&A expenses as a percentage of net sales were 57.6% compared to 60.1%;\n\n\nOperating income rose 16.5% to $12.3 million as compared to $10.6 million;\n\n\nOperating margin was 6.9% compared to 6.0%;\n\n\nNet income attributable to Inter Parfums, Inc. increased 1.8% to $8.2 million compared to $8.0 million; and,\n\n\nNet income attributable to Inter Parfums, Inc. per diluted share was $0.26 for both periods.\n\n\n\nThus for the year as a whole, net sales increased 5.6% to $713.5 million from $675.6 million in 2018. At comparable foreign currency exchange rates, net sales increased 7.8%. Net income attributable to Inter Parfums, Inc. increased 12.0% to $60.2 million from 2018’s $53.8 million; and net income attributable to Inter Parfums, Inc. per diluted share rose 11.1% to $1.90 from $1.71 per diluted share in 2018.\n\n\nJean Madar, Chairman & CEO of Inter Parfums stated, “In nearly every region in which we operate, we achieved top line growth in 2019, with sales in North America, our largest market, up 11.4%. Our second largest market, Western Europe, achieved sales growth of 2.6%, while in Eastern Europe, net sales rose 4.7%. The biggest percentage gainer was the Middle East where sales surged 22.4% over the previous year. Sales in Asia, our third largest market, were down nominally in actual dollars, but ahead in constant dollars, which we consider quite respectable in light of trade tariffs on goods coming in and...