Inter Parfums, Inc. Reports Record 2022 First Quarter Results

About this update from Interparfums, Inc.

[{"type":"text","content":"\nAffirms 2022 Guidance\n\n NEW YORK--(BUSINESS WIRE)--\nInter Parfums, Inc. (NASDAQ GS: IPAR) today reported record results for the first quarter ended March 31, 2022.\n\n\n\n($ in millions, except per share data)\n\n\n\n2022\n\n\n\n2021\n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n$250.7\n\n\n\n$198.5\n\n\n\n26%\n\n\n\n\n\nGross Margin\n\n\n\n63%\n\n\n\n63%\n\n\n\nNo change\n\n\n\n\n\nS, G & A Expense\n\n\n\n$97.4\n\n\n\n$74.9\n\n\n\n30%\n\n\n\n\n\nS, G & A Expense as a % of net sales\n\n\n\n39%\n\n\n\n38%\n\n\n\n100 bps\n\n\n\n\n\nOperating Income\n\n\n\n$61.2\n\n\n\n$48.0\n\n\n\n28%\n\n\n\n\n\nOperating Margin\n\n\n\n24%\n\n\n\n24%\n\n\n\nNo change\n\n\n\n\n\nNet Income (attributable to IP)\n\n\n\n$35.3\n\n\n\n$27.7\n\n\n\n28%\n\n\n\n\n\nDiluted EPS\n\n\n\n$1.10\n\n\n\n$0.87\n\n\n\n26%\n\n\n\n\nThe average dollar/euro exchange rate for the current first quarter was 1.12 compared to 1.20 in the first quarter of 2021. A strong U.S. dollar has a negative impact on our net sales. However, earnings are positively affected by a strong dollar, because almost 50% of net sales of our European operations are denominated in U.S. dollars, while almost all costs of our European operations are incurred in euro.\n\nJean Madar, Chairman & CEO of Inter Parfums, Inc. noted, “As we reported last month, 2022 started the year on a strong note with sales by European based operations up 14% and U.S. based operations up 77%. For our largest brands, Montblanc, Jimmy Choo, Coach and GUESS, sales rose 22%, 7%, 22% and 36%, respectively and many of our mid-sized brands experienced double digit sales growth. The surge in first quarter sales was due to a number of factors including the launches of Montblanc Legend Red, Coach Wild Rose and Coach Dreams Sunset, GUESS Uomo and Kate Spade Sparkle. In the current first quarter, we produced and shipped Ferragamo, Ungaro, MCM and Moncler fragrance products which were not in our line-up in last year’s first quarter. The official rollout of the Moncler duo began in the first quarter and will continue into the second quarter. Our new Jimmy Choo Man Aqua and Lanvin Mon Éclat debut in the second quarter as well. As the year unfolds, we will have a large number of extensions and flankers unveiling across many of our brands. In addition, we look forward to adding Donna Karan and DKNY fragrances to our brand portfolio i...

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