Inter Parfums 3rd-quarter sales fall 3 percent
NEW YORK -- Inter Parfums Inc., which sells licensed perfumes and cosmetics, said Tuesday that its third-quarter sales fell 3 percent, pulled down by the effects of unfavorable exchange rates.
The New York-based company's sales totaled about $166.3 million, down from $171.7 million in the same quarter last year. Analysts, on average, expected $160.8 million in sales, according to a FactSet poll.
Inter Parfums is the perfumes and cosmetics licensee for brands such as Burberry, Van Cleef & Arpels and Jimmy Choo. It also produces personal care products for specialty retailers such as Gap, Banana Republic and Brooks Brothers. It plans to release its full third-quarter results on or around Nov. 7.
Inter Parfums, like other companies that do significant business outside the U.S., can be hurt by a rising dollar because income earned in foreign currencies shrinks when it's translated back into a stronger U.S. dollar. Excluding exchange rates, the company said its sales rose about 2 percent.
Sales of European-based products fell 4 percent to $148.6 million, while U.S.-based product sales rose 4 percent to $17.7 million, the company said.
Sales of Inter Parfums' Lanvin fragrances rose 12 percent, while Montblanc fragrance sales jumped 67 percent on strong demand for the men's line, Legend. Jimmy Choo fragrances rose 44 percent, helped by the popularity of the the signature scent that launched in 2011, the company said.
Inter Parfums backed its previous full-year guidance of net income $1.17 per share and $632 million in sales. Analysts expect a profit of $1.19 per share on $646.6 million in revenue.
Shares of Inter Parfums rose 5 cents to $17.85 in afternoon trading.