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Inter Parfums, Inc. Reports 2020 Second Quarter Net Sales
NEW YORK--(BUSINESS WIRE)-- Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that for the three months ended June 30, 2020, net sales declined 70.2% to
About this update from Interparfums, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nInter Parfums, Inc. (NASDAQ GS: IPAR) today announced that for the three months ended June 30, 2020, net sales declined 70.2% to $49.5 million from $166.2 million for the corresponding period of the prior year. At comparable foreign currency exchange rates, consolidated second quarter net sales declined 69.8%. Of note, the average dollar/euro exchange rate for the current second quarter is 1.10 compared to 1.12 compared in the second quarter of 2019. Inter Parfums plans to issue results for the 2020 second quarter on or about August 10, 2020.\n\n\nNet Sales:\n\n\n\n\n(in millions)\n\n\n\n\nThree months ended\nJune 30,\n\n\n\n\nSix Months Ended\nJune 30, \n\n\n\n\n\n \n\n\n\n\n2020\n\n\n\n\n2019\n\n\n\n\n% Change\n\n\n\n\n2020\n\n\n\n\n2019\n\n\n\n\n% Change\n\n\n\n\n\n \n\n\n\n\n($ in millions)\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\nEuropean based product sales\n\n\n\n\n$\n\n\n\n39.4\n\n\n\n\n$\n\n\n\n125.6\n\n\n\n\n(68.6\n\n\n\n)%\n\n\n\n\n$\n\n\n\n153.5\n\n\n\n\n$\n\n\n\n269.3\n\n\n\n\n(43.0\n\n\n\n)%\n\n\n\n\n\nUnited States based product sales\n\n\n\n\n \n\n\n\n10.1\n\n\n\n\n \n\n\n\n40.6\n\n\n\n\n(75.2\n\n\n\n)%\n\n\n\n\n \n\n\n\n40.8\n\n\n\n\n \n\n\n\n75.2\n\n\n\n\n(41.6\n\n\n\n)%\n\n\n\n\n\n \n\n\n\n\n$\n\n\n\n49.5\n\n\n\n\n$\n\n\n\n166.2\n\n\n\n\n(70.2\n\n\n\n)%\n\n\n\n\n$\n\n\n\n194.3\n\n\n\n\n$\n\n\n\n344.5\n\n\n\n\n(43.6\n\n\n\n)%\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\nJean Madar, Chairman & CEO of Inter Parfums stated, “As we expected, the impact of the COVID-19 pandemic, most notably store closures in many of the countries where our products are sold, was the primary reason for the steep decline in our second quarter sales across all our brands and geographic markets. As stores gradually began to reopen in certain markets in May and June, our sales began to improve from the dismal April levels. We are hopeful that this trend will continue as more stores reopen and customers feel more confident about in-store shopping. However, we recognize that there will continue to be significant challenges for the remainder of 2020. In particular, the one market which shows no sign of a turnaround any time soon is travel retail, which has historically represented 15% to 20% of our business.”\n\n\nHe continued, “Since the start of the Covid 19 ...