Inter Parfums reports Q4 revenue $329M, consensus $323.8M

Jean Madar, CEO, stated, “With ongoing strength in the overall fragrance market and our successful distribution execution, we grew sales by 6% during the quarter. The better-than-expected performance in the final quarter culminated in 21% sales growth for the year, surpassing our guidance of $1.3 billion. Of note, the quarterly growth rate in comparison to the full year reflects the elevated sales baseline from the preceding year. Furthermore, compared to 2019, our sales were up 85% for both the fourth quarter and full year 2023. Our European based operations grew sales by 2%, primarily due to Coach brand sales which rose 17% in the fourth quarter. Considering Jimmy Choo and Montblanc sales growth of 78% and 50%, respectively, in the closing quarter of 2022, a modest decline in net sales for those two brands during the fourth quarter of 2023 was expected. For the full year, European based operations grew sales by 16%, led by the Coach, Jimmy Choo and Montblanc brands, which were up 25%, 19% and 15% growth, respectively. For U.S. based operations, our 13% sales growth in the fourth quarter was primarily driven by Donna Karan/DKNY with comparable quarter sales growing 21%. GUESS and Ferragamo also saw mid-single-digit sales growth during the quarter, relative to the very high base in the prior year period. The Phase 1 roll-out of the iconic Abercrombie & Fitch Fierce fragrance, in select markets, boosted fourth quarter sales with further gains expected as we launch Phase 2 in the spring. For the full year, U.S. based operations grew sales by 33%, led by Donna Karan/DKNY, GUESS, and Ferragamo achieving gains of 205%, 23% and 21%, respectively. Of note, Donna Karan/DKNY joined our portfolio in July of 2022, which helps explain the exceptional year-over-year performance. Our stimulating pipeline of innovative products across our portfolio of brands, now inclusive of Lacoste and Roberto Cavalli, a fully operational Italian affiliate in Florence, Italy, and our dynamic positioning within the industry, strengthen our confidence in gaining further market share in the years ahead and deliver another record year in 2024.”