Inter Parfums, Inc. Reports Record 2022 Third Quarter Results

About this update from Interparfums, Inc.

[{"type":"text","content":"\nRaises 2022 Sales and EPS Guidance\n\n NEW YORK--(BUSINESS WIRE)--\nInter Parfums, Inc. (NASDAQ GS: IPAR) today reported record results for the third quarter ended September 30, 2022.\n\nThird Quarter Highlights:\n\n\n\n($ in millions, except per share data)\n\n\n\n\n2022\n\n\n\n\n2021\n\n\n\n\n% Change\n\n\n\n\n\nNet Sales\n\n\n\n\n$280\n\n\n\n\n$263\n\n\n\n\n7%\n\n\n\n\n\nGross Margin\n\n\n\n\n64.9%\n\n\n\n\n63.7%\n\n\n\n\n120 bps\n\n\n\n\n\nOperating Income\n\n\n\n\n$64\n\n\n\n\n$68\n\n\n\n\n(5)%\n\n\n\n\n\nOperating Margin\n\n\n\n\n23.0%\n\n\n\n\n25.7%\n\n\n\n\n(270) bps\n\n\n\n\n\nNet Income attributable to IP\n\n\n\n\n$41.4\n\n\n\n\n$38.3\n\n\n\n\n8%\n\n\n\n\n\nDiluted EPS\n\n\n\n\n$1.30\n\n\n\n\n$1.20\n\n\n\n\n8%\n\n\n\n\nAs previously reported, at comparable foreign currency exchange rates, third quarter net sales increased 12%. The average dollar/euro exchange rate for the current third quarter was 1.01 compared to 1.18 in the third quarter of 2021 leading to a negative 5% foreign exchange impact. Net income attributable to Inter Parfums, Inc. rose 8%.\n\nFor the first nine months of 2022, net sales rose 16% to $776 million from $669 million. At comparable foreign currency exchange rates, nine months net sales increased 21%. Year-to-date net income attributable to Inter Parfums, Inc. rose 18% to $104 million compared to 2021’s $89 million while diluted earnings per share rose 17% to $3.26 from $2.79.\n\nDiscussing European based operations, Jean Madar, Chairman & CEO of Inter Parfums, Inc. commented, “There are several points worth making about the third quarter. In constant euro, European operations grew sales by 3% with gains by both our largest and mid-sized brands. However, in dollars, there was a 4% decline in net sales as a result of the 15% decrease in the average euro to dollar exchange rate. Also in 2021, our pipeline of new product launches was exceptionally large encompassing those postponed from 2020 as well as those scheduled for that year. As we noted last month, a significant quantity of holiday gift sets that we planned to ship in the third quarter rolled into the fourth quarter.”\n\nOn the subject of the 45% increase in sales by U.S. operations, Mr. Madar pointed to the contribution of new brands. “Ferragamo, Donna Karan and DKNY accounted for 41% of the gains while organic growth from established bra...

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