Company sees net sales of ongoing brands increase compared to prior year period
Inter Parfums has announced its Q1 results (the three months ended 31 March 2014). Net sales of the company's ongoing brands (excluding Burberry brand sales) increased 17% to $121.7m, compared to $104.1m for the previous year period. First quarter net sales from ongoing brands increased 16%, while overall first quarter net sales declined 43% as Burberry brand sales were included in the prior year comparable period.
Discussing European-based operations, Jean Madar, Chairman & CEO of Inter Parfums noted: “New product launches were the primary catalyst for the strong start in 2014, with sales of ongoing brands increasing 19.8%. That includes signature scents for both men and women for the Karl Lagerfeld brand, which yielded more than $13m in incremental sales. Montblanc sales rose 37% as a result of steady gains from Legend fragrances along with the recent launch of Emblem, the second men's scent created for the brand. Boucheron and Van Cleef & Arpels performed well during the quarter due, in part, to increasing momentum from the 2013 introductions of Place Vendôme and Rêve, respectively. Balmain fragrances got off to a good start for the year following higher than expected initial in-store sales for the Extatic line launched in January. In last year's first quarter, Jimmy Choo brand sales rose 50% driven by the launch of Flash, which helps to explain why Jimmy Choo sales declined 25% in the current first quarter when no new products were introduced. Lanvin also had a challenging comparison to the prior year period, which benefited from the launch of Lanvin Me and the exceptional performance of Eclat d’Arpège, resulting in a reduction in sales of 16% in the first quarter of 2014. With the introduction of Lanvin Me L’Eau later in the year, Lanvin brand sales are expected to pick up.”