Inter Parfums, Inc. Reports Record 2023 First Quarter Results

About this update from Interparfums, Inc.

[{"type":"text","content":"\nNet Income Increased 53%; Affirms 2023 Guidance\n\n\n NEW YORK--(BUSINESS WIRE)--\nInter Parfums, Inc. (NASDAQ GS: IPAR) today reported record results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Highlights:\n\n\n\n\n($ in millions, except per share data)\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2022\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\nNet Sales\n\n\n\n\n\n\n$311.7\n\n\n\n\n\n\n$250.7\n\n\n\n\n\n\n24%\n\n\n\n\n\n\n\n\nGross Margin\n\n\n\n\n\n\n65.1%\n\n\n\n\n\n\n63.3%\n\n\n\n\n\n\n180 bps\n\n\n\n\n\n\n\n\nOperating Income\n\n\n\n\n\n\n$90.3\n\n\n\n\n\n\n$61.2\n\n\n\n\n\n\n47%\n\n\n\n\n\n\n\n\nOperating Margin\n\n\n\n\n\n\n29.0%\n\n\n\n\n\n\n24.4%\n\n\n\n\n\n\n460 bps\n\n\n\n\n\n\n\n\nNet Income (attributable to IP)\n\n\n\n\n\n\n$54.1\n\n\n\n\n\n\n$35.3\n\n\n\n\n\n\n53%\n\n\n\n\n\n\n\n\nDiluted EPS\n\n\n\n\n\n\n$1.68\n\n\n\n\n\n\n$1.10\n\n\n\n\n\n\n52%\n\n\n\n\n\n\n\n\nThe average dollar/euro exchange rates for the 2023 and 2022 first quarters were 1.07 and 1.12, respectively, leading to a negative 2.4% foreign exchange impact in the current first quarter sales. At comparable foreign currency exchange rates, consolidated first quarter net sales increased 27% from the first quarter of 2022.\n\n\n\n\n\n\n\nJean Madar, Chairman & Chief Executive Officer of Inter Parfums, Inc. noted, “As we reported last month, our 2023 first quarter was the best ever sales quarter in our history as our European based operations grew the top line by 26% or 29% in constant currency and U.S. based operations by 19%. With respect to European operations, Jimmy Choo brand sales grew 63% and inched out those of Montblanc, historically our largest brand, with the uninterrupted success of the I Want Choo line launched in 2021, I Want Choo Forever and Rose Passion, plus new flankers rolled out at the end of 2022 and early 2023. Montblanc and Coach brand sales rose 28% and 24%, respectively and we achieved double digit sales gains on several of our mid-sized brands including Karl Lagerfeld, Boucheron and Rochas.”\n\n\nMoving on to U.S. based operations, Mr. Madar continued, “The 19% increase in comparable quarter sales builds upon the 77% increase in sales achieved in last year’s first quarter. As we reported last month, incremental Donna Karan and DKNY sales, plus double-digit growth for Ferragamo and Oscar de la Renta, following successful ...

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