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Inter Parfums, Inc. Reports Record 2024 Second Quarter Results
Double-Digit Sales Growth Leading to Margin Expansion; Positive Trajectory to Meet FY2024 Guidance NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Inter Parfums,
About this update from Interparfums, Inc.
[{"type":"text","content":"Double-Digit Sales Growth Leading to Margin Expansion; Positive Trajectory to Meet FY2024 Guidance\nNEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the second quarter and six months ended June 30, 2024. Financial Highlights:($ in millions, except per share amounts)Three Months EndedJune 30,Six Months EndedJune 30,20242023% Change20242023% ChangeNet Sales$342$30911%$666$6217%Gross Margin64.5%60.9%+360 bps63.5%63.0%+50 bpsOperating Income$65$5518%$133$145(9%)Operating Margin18.9%17.8%+110 bps19.9%23.4%(350 bps)Net Income attributable to IP$37$35+5%$78$89(13%)Diluted EPS$1.14$1.09+5%$2.41$2.77(13%)At comparable foreign currency exchange rates, net sales increased 11% from the second quarter of 2023. The average dollar/euro exchange rate for the second quarter of 2024 was 1.08 compared to 1.09 in the second quarter of 2023, while for both the first half of 2024 and 2023, the average dollar/euro exchange rate was 1.08, leading to a negative 0.4% foreign exchange impact for the second quarter and no impact for the first half. Operational Commentary Jean Madar, Chairman & Chief Executive Officer of Inter Parfums noted, “The robust fragrance environment, the strength of our legacy brands, rapid ramp-up of our new brands, effectiveness of our advertising and promotional activity, and our global distribution footprint resulted in record sales through the first half of the year despite a high base in the prior period. “Our three largest markets, North America, Western Europe, and Asia/Pacific grew sales by 5%, 11% and 6%, respectively. Central and South America’s sales growth was exceptional at 26%, thanks in great part to Lacoste fragrance sales, while our sales in the Middle East and Africa rose by 8%. Sales in Eastern Europe declined in the first half of 2024 due to sourcing constraints associated with the ongoing conflict, but we are now seeing signs of improved sourcing in the region as the current second quarter is generally in-line with the prior year period.” He continued, “Our newest brands, Roberto Cavalli and Lacoste, are acclimating well under our expertise and continue to perform above our expectations with sustained sell-in, similar to the first quarter. “As mentioned in our sales release last month, we have a series of fragrance variations coming in the balance of ...