Inter Parfums has reported figures that show net sales for the second quarter were US$47 million, up 13 per cent compared to US$41 million in the second quarter of 2003.
Adjusting the figures for fluctuations in foreign currency exchange rates, net sales were 14 per cent ahead of the same quarter last year.
Thus for the first half of 2004, net sales approximated US$105 million for a 33 per cent gain over $79 million in the same period last year. At comparable foreign currency exchange rates, net sales were 28 per cent ahead of the first half of last year.
Inter Parfums has raised its 2004 sales forecast to US$225 million, which includes incremental sales resulting from its recently acquired Lanvin fragrance licence, as reported by CosmeticsDesign.com, partially offset by the effect of the rise in the dollar vs. the euro during the second quarter of 2004.
Prior to this announcement, the company's sales guidance for 2004 was US$222 million. Management is maintaining its 2004 net income guidance of just under US$16 million. Sales and net income guidance assumes that the dollar remains at current levels.
Inter Parfums also reported that it was one of the elite 100 in Business Week's annual listing of Hot Growth Companies. In addition, the FSB 100, Fortune Small Business's list of America's Fastest-Growing Small Public Companies also included Inter Parfums.
Chairman and chief executive officer of Inter Parfums Jean Madar said: "Burberry fragrances continued to produce strong growth, driven by the excellent performance of the Burberry London and Burberry Weekend lines, further gains by the Burberry Touch line and the success of the Burberry Brit for women collection launched in the fall of 2003. We look forward to the launch in the fall of the Burberry Brit for men line in selected markets."
Burberry Brit won a Fragrance Foundation FiFi fragrance of the year award recently, in the women's 'luxe' category.
Madar added: "The spring introduction of L'Eau de S T Dupont has also been a success in its launch markets in Europe and the Middle East and our expectations remain high for the debut of the men's and women's Paul Smith London fragrance later this summer."
He went on to say: "I am pleased to report that the most critical phases of the integration of our men's skin care business, Nickel, have been completed. We are concentrating our efforts in developing stronger distribution channels for the brand. With respect to Lanvin, new fragrance families are now in the planning stage."
Management expected to issue operating results for the current second quarter on 11 August 2004.