Inter Parfums Q1 2023: record results as sales soar 24 percent

Inter Parfums Q1 2023: record results as sales soar 24 percent

THE WHAT? Inter Parfums has reported its results for the first quarter of the current financial year. The producer of Montblanc and Jimmy Choo scents recorded net sales of US$311.7 million, up 24 percent on the prior-year quarter.

THE DETAILS Gross margin leapt 180bps to 65.1 percent while diluted EPS rose 52 percent to US$1.68.

Accordingly, Inter Parfums affirmed its guidance for 2023, revealing that April continued the strong trend and it remained on track to achieve net sales of US$1.25 billion and earnings per diluted share of US$4.25.

The fragrance giant has also announced that it has signed a distribution agreement for Abercrombie & Fitch’s Fierce fragrance, effective from September 1.

THE WHY? Jean 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 percent or 29 percent in constant currency and US-based operations by 19 percent. With respect to European operations, Jimmy Choo brand sales grew 63 percent 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 percent and 24 percent, respectively and we achieved double digit sales gains on several of our mid-sized brands including Karl Lagerfeld, Boucheron and Rochas.”