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Jun 30, 2021
Inter Parfums Q2 2021 Earnings Report
Inter Parfums reported an increase in net sales and net income for Q2 2021, comparing results to 2019 due to the significant impact of the COVID-19 pandemic in 2020.
Key Takeaways
Inter Parfums, Inc. reported a substantial increase in net sales and net income for the second quarter of 2021, with comparisons made against 2019 figures due to the impact of the COVID-19 pandemic in 2020. Net sales rose 18% to $406.1 million for the first half of 2021 compared to the same period in 2019, and net income attributable to Inter Parfums, Inc. rose 61% to $50.3 million.
Net sales for the first half of 2021 increased by 18% to $406.1 million compared to 2019.
Net income attributable to Inter Parfums, Inc. rose by 61% to $50.3 million compared to 2019.
Diluted earnings per share increased by 60% to $1.58 for the first half of 2021 compared to $0.99 in 2019.
The company signed a transaction agreement for the exclusive worldwide license for Ferragamo brand perfumes, expected to start in October 2021.
Inter Parfums
Inter Parfums
Forward Guidance
Inter Parfums expects 2021 net sales of approximately $750 million and diluted net income per share of $1.95.
Positive Outlook
- Based upon year-to-date results.
- Based on current order levels for the second half
- Guidance assumes that the average dollar/euro average exchange rate remains at current levels
- Guidance assumes there is no significant resurgence of the COVID-19 pandemic
- Guidance excludes potential Ferragamo fragrance sales following the closing of the pending transaction.
Challenges Ahead
- The uptick in COVID-19 cases and the highly transmissible Delta variant could change our expectations.
- Potential impact from resurgence of the COVID-19 pandemic
- Uncertainty regarding the timing and impact of the Ferragamo fragrance license
- Dependence on average dollar/euro exchange rate remaining at current levels.
- Global tax settlement with the French Tax Authority