Inter Parfums (IPAR) Q2 Sales Top Views; Boosts Outlook
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Price: $131.02 +1.16%
Revenue Growth %: +7.7%
Financial Fact:
(Gain) loss on foreign currency: 334K
Today's EPS Names:
SFST, VLTO, CLIR, More
Revenue Growth %: +7.7%
Financial Fact:
(Gain) loss on foreign currency: 334K
Today's EPS Names:
SFST, VLTO, CLIR, More
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Inter Parfums, Inc. (Nasdaq: IPAR) announced that, for the three months ended June 30, 2013, net sales of the Company’s ongoing brands (excluding Burberry brand sales) increased 17% to $96.8 million, as compared to $82.7 million for the corresponding period of the prior year, with strong growth in both its European and U.S.-based operations. Burberry brand sales amounted to $20.6 million for the second quarter of 2013 and represented the sale of inventory to Burberry and some authorized sell-off of remaining Burberry finished goods generating minimal margins. When the contribution of Burberry sales is included, consolidated sales for the 2013 second quarter were $117.5 million, down 19.3% compared to $145.6 million in the 2012 second quarter. At comparable foreign currency exchange rates, net sales for the second quarter were down 20.6%. Inter Parfums plans to issue results for the second quarter of 2013 on or about August 7, 2013.
Based upon the strong first half performance of its ongoing brands and expectations for the remainder of the year, the Company is raising its 2013 guidance and currently expects net sales to reach approximately $525 million resulting in net income attributable to Inter Parfums, Inc. of approximately $1.14 per diluted share. Previous guidance called for net sales of $510 million with resulting net income attributable to Inter Parfums, Inc. in the range of $1.10 and $1.12 per diluted share. As noted in the Company’s report of first quarter results, profitability has well exceeded our initial targets. As such, for the remainder of the year, we plan to invest heavily in promotion and advertising to bolster support for the Repetto and Boucheron launches, and the continued worldwide development of the Lanvin, Jimmy Choo and Montblanc brands. Our investments in these brands are expected to yield accelerated sales growth for Inter Parfums, Inc. in the coming years. Guidance assumes the dollar remains at current levels.
*** The Street was looking for Q2 sales of $89.98 million and expects FY13 sales of $518.9 million and EPS of $1.22.
Based upon the strong first half performance of its ongoing brands and expectations for the remainder of the year, the Company is raising its 2013 guidance and currently expects net sales to reach approximately $525 million resulting in net income attributable to Inter Parfums, Inc. of approximately $1.14 per diluted share. Previous guidance called for net sales of $510 million with resulting net income attributable to Inter Parfums, Inc. in the range of $1.10 and $1.12 per diluted share. As noted in the Company’s report of first quarter results, profitability has well exceeded our initial targets. As such, for the remainder of the year, we plan to invest heavily in promotion and advertising to bolster support for the Repetto and Boucheron launches, and the continued worldwide development of the Lanvin, Jimmy Choo and Montblanc brands. Our investments in these brands are expected to yield accelerated sales growth for Inter Parfums, Inc. in the coming years. Guidance assumes the dollar remains at current levels.
*** The Street was looking for Q2 sales of $89.98 million and expects FY13 sales of $518.9 million and EPS of $1.22.
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