Inter Parfums, Inc. Reports Record 2022 Fourth Quarter and Full Year Results

About this update from Interparfums, Inc.

[{"type":"text","content":"\nRaises 2023 Net Sales and Earnings Guidance; Announces 25% Increase in Cash Dividend\n\n NEW YORK--(BUSINESS WIRE)--\nInter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the fourth quarter and full year ended December 31, 2022.\n\nFourth Quarter & Full Year Highlights:\n\n\n\n($ in millions, except per share data)\n\n\n\nQ4’22\n\n\n\nQ4’21\n\n\n\n% Change\n\n\n\nFull Year\n2022\n\n\n\nFull Year\n2021\n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n$311\n\n\n\n$211\n\n\n\n47%\n\n\n\n$1,087\n\n\n\n$880\n\n\n\n24%\n\n\n\n\n\nGross Margin\n\n\n\n64.4%\n\n\n\n62.6%\n\n\n\n+180 bps\n\n\n\n63.9%\n\n\n\n63.3%\n\n\n\n+60 bps\n\n\n\n\n\nOperating Income (loss)\n\n\n\n$23\n\n\n\n($12)\n\n\n\nn.m.\n\n\n\n$194\n\n\n\n$148\n\n\n\n31%\n\n\n\n\n\nOperating Margin\n\n\n\n7.5%\n\n\n\n(5.8%)\n\n\n\n+1,326 bps\n\n\n\n17.9%\n\n\n\n16.8%\n\n\n\n+110 bps\n\n\n\n\n\nNet Income (Loss) attributable to IP\n\n\n\n$17\n\n\n\n($1)\n\n\n\nn.m.\n\n\n\n$121\n\n\n\n$87\n\n\n\n38%\n\n\n\n\n\nDiluted EPS (Loss)\n\n\n\n$0.52\n\n\n\n($0.04)\n\n\n\nn.m.\n\n\n\n$3.78\n\n\n\n$2.75\n\n\n\n38%\n\n\n\n\n\nThe average dollar/euro exchange rates for the 2022 and 2021 fourth quarters were 1.02 and 1.14, respectively, leading to a negative 10% foreign exchange impact in 2022. The average dollar/euro exchange rates for all of 2022 and 2021 were 1.05 and 1.18, respectively, for a negative 7% foreign exchange impact. At comparable foreign currency exchange rates, consolidated fourth quarter net sales increased 57% from the fourth quarter of 2021, and for the year as a whole, consolidated 2022 net sales increased 30% from 2021.\n\n\n\n\n\n*n.m. – not meaningful\n\n\n\n\nJean Madar, Chairman & Chief Executive Officer of Inter Parfums, Inc. noted, “2022 was a milestone year, as we crossed $1 billion in net sales, with all regions contributing to our growth. Our largest region, North America achieved sales growth of 22%, followed by Western Europe and Asia where sales rose 28% and 19%, respectively. There was also a strong performance from the Middle East and Latin America with sales up 44% and 24%, respectively. Even Eastern Europe achieved modest sales growth of 6%, despite the armed conflict in Ukraine and sanctions on Russia. With the exception of China, our travel retail business has rebounded to near pre-pandemic levels.”\n\nHe continued, “The strength of the dollar...

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