Inter Parfums Q3 Earnings Beat Estimates, Sales Up on Brand Strength

Zacks11-08

Key Takeaways Perfume maker saw record-breaking sales in the past quarter, including a 25% increase in Western Europe. Acquisition of brands Lacoste and Roberto Cavalli added 10% to quarterly sales. ...

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IPAR reported impressive third-quarter 2024 results, showcasing strong year-over-year growth in the top and bottom lines. While sales matched the Zacks Consensus Estimate, the company outperformed expectations on earnings. Sales benefited from continued momentum in the fragrance market, the strength of legacy and new brands, effective advertising and promotional efforts and an extensive global distribution network. The quarter’s record-breaking sales were driven by continued demand across global markets, particularly in North America, Western Europe and Asia/Pacific, where sales rose 12%, 25% and 15%, respectively. Central and South America also posted strong growth of 20%, while Eastern Europe rebounded with a 23% increase after a soft start earlier in the year due to supply-chain challenges. Although sales in China remain modest, plans are underway to boost promotional activities next year, with a gradual expansion targeted for 2026.In addition to regional growth, the inclusion of new brands such as Roberto Cavalli and Lacoste has been a notable success, contributing 10% to quarterly sales. The company is confident that sales from these brands will exceed $100 million in 2024.Inter Parfums remains optimistic about the final quarter and finishing 2024 on a solid note. Management has reiterated its full-year guidance. The company also informed that distributors and retailers have responded favorably to its 2025 product lineup, which is encouraging as the fragrance market shows signs of moderation.\nIPAR Q3 Performance in Detail\nInter Parfums posted earnings of $1.93 per share, up 16% from the year-ago quarter’s figure. The metric surpassed the Zacks Consensus Estimate of $1.83 per share.See the Zacks Earnings Calendar to stay ahead of market-making news.Quarterly net sales reached $424.6 million, reflecting a year-over-year increase of 15%. The growth was fueled by established and newly introduced fragrance brands. Sales in European-based operations surged 21% to $282 million. This growth was propelled by the exceptional performance of the Jimmy Choo and Montblanc brands, which saw sales increases of 17% and 10%, respectively. Jimmy Choo’s sales acceleration was fueled by the launch of “I Want Choo Le Parfum”, while Montblanc’s sales were boosted by the continued success of the “Explorer and Legend” lines.Coach, one of the company’s largest brands, maintained sales levels comparable to the third quarter of 2023, a period when Coach sales rose by 32%. This solid sales performance was also complemented by the debut of the “Lacoste Original” line.IPAR’s U.S. operations sales rose 9% year over year to $146 million in the third quarter. The company’s largest U.S. brand, GUESS, saw a 16% rise in sales during this period, driven by the ongoing popularity of its legacy fragrances and the successful launch of GUESS Iconic.Sales from the second-largest brand, Donna Karan/DKNY, grew 4%. Now in its third year with the company, the brand has introduced “DKNY 24/7”, which started a global rollout in September after a successful limited release over the summer.\n\nInterparfums, Inc. Price, Consensus and EPS Surprise\n  \nInterparfums, Inc. price-consensus-eps-surprise-chart | Interparfums, Inc. Quote\n\nFocus on IPAR’s Margins\nIPAR’s consolidated gross profit rose 15.4% year over year to $271.2 million, whereas the gross margin remained flat at 63.9%. During the quarter, selling, general and administrative expenses (SG&A) increased 11.7% to $165.2 million. As a percentage of sales, SG&A expenses contracted 130 basis points to 38.9%. Advertising and Promotion (A&P) expenses rose 6% and represented 15.7% of net sales. Management foresees a significant increase in A&P spending in the final quarter owing to the holiday season.The company’s operating income came in at $106 million, up from the $87.2 million reported in the year-ago quarter. The operating margin expanded 130 basis points to 25%.\nA Sneak Peek Into IPAR’s Financial Aspects\nInter Parfums ended the quarter with cash and cash equivalents of $78.4 million, long-term debt (excluding the current portion) of $134.6 million and total equity of $985.1 million.\nIPAR Maintains 2024 View\nWith a strategic focus on innovation and product launches, Inter Parfums is well-positioned in the ongoing dynamic. The strength of a diverse brand portfolio, combined with the flexible operating model, should help it gain market share. All said, management reiterated its guidance for 2024.For the full year, the company continues to anticipate net sales of $1.45 billion and earnings of $5.15 per share. This guidance suggests 10% growth in net sales and an 8% increase in the bottom line from the 2023 levels.This Zacks Rank #2 (Buy) stock has risen 8.1% in the past six months against the industry’s decline of 13.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nOther Stocks Looking Red Hot\nGildan Activewear Inc. GIL, which manufactures and sells various apparel products, currently carries a Zacks Rank #2. GIL has a trailing four-quarter earnings surprise of 5.4%, on average. The Zacks Consensus Estimate for Gildan Activewear’s current financial-year sales and earnings implies growth of 1.5% and 15.6% from the year-ago reported numbers.Kontoor Brands, Inc. KTB, a lifestyle apparel company, currently carries a Zacks Rank #2. KTB has a trailing four-quarter earnings surprise of 12.8%, on average. The Zacks Consensus Estimate for Kontoor Brands’ current financial-year earnings indicates growth of 13.2% from the year-ago reported numbers.Ralph Lauren Corporation RL, a global leader in the design, marketing and distribution of luxury lifestyle products, currently carries a Zacks Rank #2. RL has a trailing four-quarter earnings surprise of 10.3%, on average. The Zacks Consensus Estimate for Ralph Lauren’s current financial year’s sales and earnings implies growth of 1.8% and 9.2%, respectively, from the year-ago reported numbers.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nRalph Lauren Corporation (RL) : Free Stock Analysis Report\nGildan Activewear, Inc. (GIL) : Free Stock Analysis Report\nInterparfums, Inc. (IPAR) : Free Stock Analysis Report\nKontoor Brands, Inc. (KTB) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481160252"}