Inter Parfums Inc. Reports Consolidated Sales Results for the Fourth Quarter and Year Ended December 31, 2013; Re-Affirms Earnings Guidance for the Years 2013 and 2014
January 27, 2014 at 04:05 pm
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Inter Parfums Inc. reported consolidated sales results for the fourth quarter and year ended December 31, 2013. For the quarter, the company's net sales increased 19% to $105.5 million, as compared to $88.8 million for the corresponding period of the prior year. Consolidated 2013 fourth quarter net sales declined 40% when Burberry sales are included in the prior year period. At comparable foreign currency exchange rates, consolidated fourth quarter net sales also declined 40%.
For the year, the company's total net sales for 2013 (excluding Burberry) increased nearly 23% to $433.0 million from 2012's $352.7 million.
The company's 2013 net sales were in line with the guidance provided in November and therefore the company sees no reason to change current earnings guidance of income attributable to the company of $1.23 per diluted share.
The company is maintaining guidance for 2014 net sales of approximately $495 million, which represents approximately 15% growth of ongoing brands. The company's expectations for net income attributable to the company remain in the range of $0.93 to $0.98 per diluted share.
Inter Parfums, Inc. manufactures, markets and distributes a range of fragrance and fragrance related products. The Company has two segments. The Company produces and distributes its fragrance products under license agreements with brand owners, and fragrance product sales through its European based operations segment. It has built a portfolio of brands, which include Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lanvin, Moncler, Montblanc, Rochas, S.T. Dupont, and Van Cleef & Arpels, whose products are distributed in approximately 120 countries around the world. Its brand fragrance products are also produced and marketed through its United States based operations. These fragrance products are sold under trademarks owned by the Company or pursuant to license or other agreements with the owners of brands, which include Abercrombie & Fitch, Anna Sui, Donna Karan, DKNY, Ferragamo, Graff, GUESS, Hollister, MCM, Oscar de la Renta, and Ungaro.
Inter Parfums Inc. Reports Consolidated Sales Results for the Fourth Quarter and Year Ended December 31, 2013; Re-Affirms Earnings Guidance for the Years 2013 and 2014