Inter Parfums, Inc. Achieves Historic First Quarter Net Sales in 2024

Inter Parfums, Inc. (NASDAQ GS: IPAR) disclosed today that its net sales for the first quarter ending March 31, 2024, surged to $324 million, marking a 4% increase from the $312 million reported in the corresponding period of 2023.

Jean Madar, Chairman & Chief Executive Officer of Inter Parfums, expressed, “Benefiting from sustained momentum in the fragrance industry and promising initial shipments of Lacoste and Cavalli fragrances, we have achieved yet another milestone in first quarter sales. Our 4% growth in net sales aligns with our expectations, considering the remarkable 24% surge witnessed in the same quarter last year. Our focus for 2024 is on optimizing the timing of product launches to ensure a more evenly distributed sales trajectory compared to the concentrated launches of new fragrances observed in the first quarter of 2023.”

Madar further noted, “Despite robust demand for our flagship brand lines and favorable initial shipments of Lacoste fragrances, net sales from our European operations remained steady compared to the exceptional performance recorded by our established brands during the first quarter of 2023. Performance in Eastern Europe faced challenges due to an unusually high comparison base, reflecting the vigorous business recovery witnessed in the first quarter of 2023 (+66%), as well as sourcing constraints in certain regions leading to sales shifting from the first quarter to the second quarter of 2024.

“Among our top three brands, Coach fragrance sales increased by 5% in the quarter, building on the 24% growth seen in the same period of the prior year. As anticipated, Jimmy Choo and Montblanc experienced declines in fragrance sales following their impressive growth rates of 63% and 28%, respectively, during the same period last year.”

Madar elaborated, “While Montblanc continues to capitalize on its momentum through the Explorer line and the launch of Montblanc Legend Blue in this quarter, the high comparison base in 2023 led to a 5% decline. Similarly, Jimmy Choo witnessed a 23% decline largely due to the I Want Choo Forever launch at the end of 2022 and the Rose Passion launch in the first quarter of 2023. A new extension of I Want Choo is planned for the second quarter of 2024.”

Commenting on U.S. operations, Madar stated, “Our 18% sales growth in the first quarter was primarily driven by Donna Karan/DKNY and GUESS, with comparable quarter sales growing by 44% and 21%, respectively. The successful launch of Roberto Cavalli, along with the initiation of distribution of European-based brands by our Italian subsidiary, contributed to a 9% growth.”

Madar added, “Donna Karan’s new Cashmere Collection, comprising four scents, performed exceptionally well and was strategically timed to coincide with the brand’s new luxury fashion campaign. Additionally, GUESS fragrances continued to witness robust sales performance due to a blend of legacy scents and the introduction of GUESS Iconic.”

He further remarked, “Following the successful Phase 1 distribution roll-out of the Abercrombie & Fitch Fierce fragrance, we commenced Phase 2 in Europe, Mexico, and Australia during the quarter.”

Madar concluded, “While the global fragrance market is not expanding as rapidly as in 2023, it remains robust. The concentration of launches during the previous year created a more challenging comparison for the first quarter of 2024, but we anticipate significant growth for the remainder of the year, supported by our robust pipeline of innovation across all key brands in our portfolio.”

Madar affirmed, “We maintain confidence in our dynamic market positioning and remain optimistic about our ability to continue gaining market share in this growing industry; thus, we reaffirm our 2024 net sales guidance of $1.45 billion.

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