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Inter Parfums, Inc. Reports 2020 Third Quarter Results
NEW YORK--(BUSINESS WIRE)-- Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the third quarter ended September 30, 2020. Of note, the average
About this update from Interparfums, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nInter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the third quarter ended September 30, 2020. Of note, the average dollar/euro exchange rate for the 2020 third quarter is 1.17 as compared to 1.11 in the third quarter of 2019, and 1.13 and 1.12 for the nine months ended September 30, 2020 and 2019, respectively.\n\nThird Quarter 2020 Compared to Third Quarter 2019:\n\n\nNet sales were $160.6 million, down 16.0% from $191.2 million; at comparable foreign currency exchange rates, net sales declined 18.3%;\n\n\nNet sales by European based operations declined 9.6% to $129.7 million from $143.6 million;\n\n\nNet sales by U.S. based operations dropped 35.1% to $30.9 million from $47.6 million;\n\n\nGross margin rose to 60.5% compared to 59.8%\n\n\nS,G&A expenses as a percentage of net sales were 41.0% compared to 40.7%;\n\n\nOperating income declined 14.4% to $31.4 million from $36.6 million;\n\n\nOperating margin was 19.5% compared to 19.2%;\n\n\nThe effective income tax rate was 28.8% compared to 27.4%;\n\n\nNet income attributable to Inter Parfums, Inc. declined 20.7% to $16.5 million from $20.8 million; and,\n\n\nNet income attributable to Inter Parfums, Inc. per diluted share declined 21.2% to $0.52 from $0.66.\n\n\nThus, through the first nine months of 2020, net sales declined 33.7% to $355.0 million from $535.7 million, in the same period of the prior year. At comparable foreign currency exchange rates, net sales declined 34.1%. Net income attributable to Inter Parfums, Inc. was $23.5 million, down 54.9% from $52.1 million in the same period last year, while net income attributable to Inter Parfums, Inc. per diluted share declined 54.9% to $0.74 from $1.64.\n\nJean Madar, Chairman & CEO of Inter Parfums, Inc. noted, “What a difference a quarter makes. As compared to the preceding quarter, sales rallied across all of our markets, with the three largest, North America, Western Europe and Asia, achieving significant gains. As a result, when compared to the second quarter, third quarter net sales increased 224%; gross margin rose 630 basis points; our operating margin returned to a more normalized level of 19.5%; and once again, our bottom line was solidly profitable.”\n\nMr. Madar continued, “2020 has been a highly productive year, despite the hardships and disruptions caused by the COV...