Inter Parfums Raises its Expectation of FY2022
- Chaileedo Press
- Jan 6, 2023
- 2 min read
For the increase in expectations, Inter Parfums said its reason was the strong performance of Inter Parfums' business in the U.S. and Europe in the last quarter of this year.
Recently, perfume manufacturing distributor Inter Parfums announced that it would raise its full-year sales expectations for the fiscal year 2022, with sales expected to reach $1.08 billion as of last year, exceeding previous expectations of $1.025 billion.
Inter Parfums executives expect net sales to increase 23% year-over-year and diluted earnings per share to increase 31% in 2022, according to the announcement. Inter Parfums sales jumped 16 percent to $776 million for the nine months ended Sept. 30, according to Inter Parfums' previously announced third-quarter results.
Jean Madar, Inter Parfums chairman and CEO, said Inter Parfums' business performance in the U.S. and Europe was strong in the final quarter of the year, with metrics and order levels pointing to continued strong sales growth in 2023, which has led Inter Parfums to raise its 2023 sales forecast to $1.15 billion from $1.11 billion and to raise diluted earnings per share to $3.75 from $3.70.
Last November, Inter Parfums announced initial plans for 2023, it expects 2023 net sales of $1.11 billion, resulting in earnings per diluted share of $3.70. This represents an 8% increase in net sales and a 9% increase in earnings per diluted share compared to 2022 guidance of $1.025 billion in net sales and $3.40 in earnings per diluted share.
Michel Atwood, Chief Financial Officer of Inter Parfums, Inc. concluded that while the company's business is expected to continue to grow. As Inter Parfume will continue to invest in the company's organization as well as its brands to drive expected growth, Michel Atwood had not expected significant growth in operating margins in 2023 and was targeting diluted earnings per share growth of 12% in 2023.
Publicly available information shows that Inter Parfums was founded in 1982 and has exclusive licenses to develop, produce and distribute premium fragrance and cosmetic brands from Abercrombie & Fitch, AnnaSui, Boucheron, Coach, Donna Karan, DKNY, Ferragamo, Graff GUESS, Hollister, Jimmy Choo, KarlLagerfeld, Kate Spade, MCM, Moncler, Montblanc, Oscardela Renta, STDupont, Ungaro and VanCleef&Arpels, with the in-house brands Lanvin and Rochas. Its products were sold in more than 120 countries and regions.
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