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Dec 31, 2023
Inter Parfums Q4 2023 Earnings Report
Inter Parfums reported strong Q4 2023 and record full-year net sales and earnings results, driven by ongoing demand for its brands and a dynamic fragrance market.
Key Takeaways
Inter Parfums reported a strong fourth quarter and record full year in 2023, with each of its three largest brands generating sales exceeding $200 million. The company's financial position remains strong, with significant cash reserves and working capital.
Jimmy Choo emerged as the largest brand, with sales growing by 19%.
Montblanc and Coach sales increased by 15% and 25%, respectively.
GUESS sales grew by 23% and are on track to exceed $200 million in sales.
All markets experienced excellent growth, with North America, Europe, and Asia achieving sales gains of 22%, 21%, and 17%, respectively.
Forward Guidance
Inter Parfums reaffirms its 2024 guidance, projecting net sales of $1.45 billion and earnings per diluted share of $5.15, representing a 10% increase in net sales and an 8% increase in earnings per diluted share.
Positive Outlook
- The fragrance industry remains strong.
- Retailers finished the year with healthy inventories.
- Initial shipments of Lacoste fragrances began in January.
- Roberto Cavalli fragrances started shipping in February.
- Aggressive advertising and promotion spend in the fourth quarter drove sell-through for retail partners, enabling 2024 first half restocking orders.
Challenges Ahead
- Political climate in the Middle East creates uncertainty.
- Political climate throughout Eastern Europe creates uncertainty.
- Lack of visibility makes it difficult to predict future performance.
- Lacoste non-cash amortization expense is expected to reduce 2024 earnings per diluted share by approximately $0.11.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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