Inter Parfums Inc. posted continued gains for the third quarter, helped by increases in the North American market.
"Our largest market, North America, has been performing exceptionally well with year-to-date sales up 13.9 percent, and our second largest, Western Europe, exceeded 2018 nine-month sales by 4.8 percent," said Inter Parfums chief executive officer Jean Madar in a statement. "We are especially pleased by the 8 percent increase in third-quarter sales in Asia, which along with the 7 percent gain in the second quarter, more than offset the decline in the first quarter, bringing 2019 nine-month sales slightly ahead of last year."
Sales are also up in the Middle East, 25.3 percent versus 2018, and Eastern Europe, up 4.2 percent, Madar said.
Net sales were up 7.9 percent to $191.2 million, from $177.2 million in the prior-year period. Net sales for European operations were up 4.2 percent, to $143.6 million, from $137. million, while net sales from U.S. operations increased 20.7 percent to $47.6 million, from $39.4 million. Net income was $26.7 million, up from $24.4 million in the prior-year period.
In the quarter, Montblanc posted a 22 percent sales uptick due to the launch of Explorer, and continued success with the Legend collection. Jimmy Choo, Inter Parfums' second-largest brand, posted 4.5 percent gains in the quarter, from new brand extensions and men's fragrance Urban Hero. Coach's sales are up more than 100 percent, after the addition of the Floral Blush scent, Madar said.
Guess was responsible for most of the sales growth that the U.S. segment saw. That brand, which Inter Parfums acquired from Coty in 2018, is now the largest line in the U.S. segment. "In the third quarter, we began shipments of 1981 Los Angeles and Seductive Noir, both flankers of established scents, which accelerated brand growth further," Madar said. Oscar de la Renta and Abercrombie & Fitch and Hollister are also doing well, he said. Anna Sui had a "comeback third quarter."
Upcoming fragrance launches include new women's fragrances from Montblanc and Coach. Jimmy Choo has a fragrance planned for the second half.
Inter Parfums is expected 2019 sales of $712 million.
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