Inter Parfums posts record 2022 sales, raises 2023 guidance
Inter Parfums Inc. announced on Tuesday record full-year 2022 net sales and updated its 2023 guidance.
The New York-headquartered company said net sales rose to a record $1.087 billion for the year ended December 31, up 24%, with all regions contributing to the growth.
“Our largest region, North America achieved sales growth of 22%, followed by Western Europe and Asia where sales rose 28% and 19%, respectively. There was also a strong performance from the Middle East and Latin America with sales up 44% and 24%, respectively,” said Jean Madar, chairman and chief executive officer of Inter Parfums.
“The strength of the dollar masked the gains made by our European operations in 2022, which grew 12% in U.S. dollars, but 20% in constant currency. All major brands (Montblanc, Jimmy Choo, Coach) grew by double digits. 2022 net sales were also buoyed by a full year of Moncler; our debut product for the brand launched late in 2021.”
For 2022 as a whole, the company said U.S. operations grew sales by 58% for "exceptional gains." The increase was lead by Guess brand sales, which rose by 24%, Oscar de la Renta by 19%, Abercrombie & Fitch by 28%, and Hollister by 16%.
Looking ahead, the company has plans to introduce in Europe a sister scent for the Montblanc signature line as well as one for men under the Explorer franchise, while its Coach signature lines will add one each for men and for women. It also plans to launch a collection for Moncler, Chérie by Kate Spade, plus additions to several of the Rochas and Van Cleef & Arpels fragrance families.
Meanwhile, in to U.S. based operations, virtually all the brands in its portfolio will introduce companion products including Guess, Abercrombie & Fitch, Hollister, and MCM. On the back of a strong start to 2023, the company has raised its full-year 2023 guidance of $1.15 billion in net sales to $1.2 billion.
Michel Atwood, chief financial officer of Inter Parfums, Inc. said: “2023 started out on a strong note. With two months under our belt and sizable orders already booked, the year should be even better than we initially expected. It now appears that 2023 net sales will approximate $1.2 billion, 10% ahead of 2022 net sales. Likewise, we are raising our guidance for diluted earnings per share to $4.00, up 6% from 2022. Our former 2023 guidance called for net sales of $1.15 billion and diluted earnings per share of $3.75. Once again, our guidance assumes that the average dollar/euro exchange rate remains at current levels and there is no significant resurgence of the Covid-19 pandemic.”
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