THE WHAT? Inter Parfums has reported a Q3 sales surge of 64 percent to US$262.7 million, YOY, up 37 percent from Q3 2019.
THE DETAILS Europe sales grew 43.5 percent to US$206.1 million while U.S sales rose 18.9 percent to US$56.6 million.
The better-than-expected sales rise was record breaking for the company, with its largest brands all outperforming – Montblanc, Jimmy Choo, Coach, GUESS and Lanvin sales grew 26, 40, 98, 27 and 37 percent, respectively.
THE WHY? Jean Madar, Chairman & CEO of Inter Parfums stated, “The increases came from established fragrance pillars, brand extensions and the rollout of newer scents, including I Want Choo for Jimmy Choo and Bella Vita for GUESS. Also contributing to the top line growth were sales by two of our newer brands, namely Kate Spade and MCM, both of which debuted new fragrances this year. We are similarly gratified by the meaningful upturn in sales by most of our mid-sized brands, as compared to the third quarters of the preceding two years.”
Inter Parfums has now raised its full year guidance, projecting 2021 sales to come in at a record $810 million, resulting in net income of $75 million or $2.35 per diluted share.