Lack of launches prompts sales dive at Inter Parfums
Inter Parfums Inc yesterday announced a 5% drop in net sales for the third quarter of 2009, from $123.5m in the same period of 2008 to $117.5m. On a more positive note, the company saw net income for the period rise 17% to $7.3m. However, income for the nine months ended 30 September was down 9% to $16.9m on net sales of $296.6m – 14% less than in the same period last year.
Inter Parfums Inc yesterday announced a 5% drop in net sales for the third quarter of 2009, from $123.5m in the same period of 2008 to $117.5m. On a more positive note, the company saw net income for the period rise 17% to $7.3m. However, income for the nine months ended 30 September was down 9% to $16.9m on net sales of $296.6m – 14% less than in the same period last year.
According to Inter Parfums the results were partly due to a recent slowdown in product launches. “As compared to last year’s third quarter, the current period’s product launches were far fewer in number and smaller in scale. Current period launches included limited edition distribution of Van Cleef & Arpels Collection Extraordinaire and the launch of Paul Smith Man,” commented Jean Madar, chairman of the board and ceo.
According to Madar, the third quarter net sales decline masked impressive growth in Inter Parfum’s prestige portfolio.
Based on the results, Inter Parfums has raised its 2009 guidance to approximately $400m.
Next year the company plans to launch several products under the Burberry brand, male and female fragrances for Van Cleef & Arpels and new women’s scents for Lanvin and Paul Smith. In addition, work has begun on the company’s first Jimmy Choo fragrance.