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Inter Parfums(IPAR) - 2021 Q3 - Quarterly Report
2021-11-08 21:18
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2021. OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ___________to ________. Commission File No. 0-16469 INTER PARFUMS, INC. (Exact name of registrant as specified in its charter) (Registrants telephone number, including ...
Inter Parfums(IPAR) - 2021 Q2 - Earnings Call Transcript
2021-08-10 21:10
Inter Parfums, Inc. (NASDAQ:IPAR) Q2 2021 Results Conference Call August 10, 2021 11:00 AM ET Company Participants Russell Greenberg - EVP and CFO Jean Madar - CEO Conference Call Participants Linda Bolton-Weiser - D.A. Davidson Steph Wissink - Jefferies Hamed Khorsand - BWS Financial Operator Greetings, and welcome to the Inter Parfums Second Quarter 2021 Conference Call and Webcast. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Russell Greenbe ...
Inter Parfums(IPAR) - 2021 Q2 - Quarterly Report
2021-08-09 20:40
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2021. OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ___________to ________. Commission File No. 0-16469 INTER PARFUMS INC. (Exact name of registrant as specified in its charter) Delaware 13-3275609 (State or ot ...
Inter Parfums(IPAR) - 2021 Q1 - Earnings Call Transcript
2021-05-11 19:34
Financial Data and Key Metrics Changes - In Q1 2021, the company reported sales of $198.5 million, a 37% increase compared to Q1 2020 and 11% higher than Q1 2019 [6] - Gross margin for U.S. operations rose to 53.2% from 52.6%, while European operations saw an increase to 65.5% from 63.9% in Q1 2020 [6][7] - SG&A expenses increased only 5.1% in Q1 2021, representing 38% of sales compared to 49% in Q1 2020 [8][9] - Operating margin for Q1 2021 was reported at 24%, with a working capital of $462 million and cash equivalents of approximately $294 million [11][12] Business Line Data and Key Metrics Changes - U.S. operations experienced a 26% sales increase, while European operations saw a 40% rise in sales [9][15] - New product launches contributed to higher margin sales, with notable launches including Jimmy Choo's I Want Choo and Kate Spade's signature scent [7][20] Market Data and Key Metrics Changes - Sales in North America rose by 56%, while Asia saw a 34% increase; Eastern Europe, Middle East, and Central and South America reported increases of 125%, 32%, and 22% respectively [15] - The travel retail segment, which typically represents 15% to 20% of sales, was down 80% in 2020 and has not shown significant improvement in Q1 2021 [26] Company Strategy and Development Direction - The company is actively pursuing new license agreements to accelerate growth with brand owners seeking new partners [18] - A new Paris headquarters is set to be operational in early 2022, enhancing brand capacity and team collaboration [20] - The company plans to continue launching new products throughout the year, including flankers and entirely new fragrances [20][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the resurgence of COVID-19 in Western Europe has impacted sales, but they expect improvements as vaccine distribution increases [15][16] - The company raised its 2021 sales guidance to approximately $700 million, assuming stable exchange rates and no significant resurgence of COVID-19 [13] Other Important Information - Cash provided by operating activities was $32.5 million in Q1 2021, compared to cash used in operating activities of $25.1 million in Q1 2020 [13] - The company is budgeting 21% of net sales for promotion and advertising for the full year 2021 [10] Q&A Session Summary Question: Trends in travel retail and comparison to 2019 sales - Travel retail is still significantly below 2019 levels, down 80% in 2020, with no anticipated improvement for the year [26] Question: Channel inventory levels - Channel inventories are very low, with retailers ordering on a just-in-time basis [29] Question: A&P spending ramp-up in Q2 - A&P spending is expected to increase in Q2, with Q4 typically being the heaviest quarter for A&P spending [37] Question: Sales performance cadence through the quarter - Sales were strong in January, stronger in February, and continued to exceed internal projections in March and April [38] Question: Expansion into Sephora and Ulta doors - The company plans to participate in the Sephora expansion for some brands, but not all, as brand fit varies [44] Question: Characteristics of potential new brand acquisitions - The company is looking for brands with existing business around $50 million that can be elevated further [56]
Inter Parfums(IPAR) - 2021 Q1 - Quarterly Report
2021-05-10 20:43
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (MARK ONE) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2021. OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ______to _____. Commission File No. 0-16469 INTER PARFUMS, INC. (Exact name of registrant as specified in its charter) | Delaware | 13-3275609 | | --- | --- ...
Inter Parfums(IPAR) - 2020 Q4 - Earnings Call Transcript
2021-03-02 21:40
Financial Data and Key Metrics Changes - The fourth quarter of 2020 ended with net sales of $184 million, approximately $40 million more than the high end of the implied guidance, representing a 27% upside sales surprise [6][11] - Annual net sales declined by 24.5%, with operating and net margins at 13% and 7.1% respectively, compared to 14.7% and 8.4% in 2019 [8][11] - Cash provided by operating activities totaled $65 million, with accounts receivable declining approximately 10% from 2019 levels [9] Business Line Data and Key Metrics Changes - The average dollar/euro exchange rate for Q4 2020 was 1.19, compared to 1.11 in Q4 2019, impacting net sales positively but gross margins negatively [5] - Advertising and promotional expenses as a percentage of sales decreased from 29.3% in Q4 2019 to 21.6% in Q4 2020, contributing to a reduction in SG&A expenses as a percentage of net sales from 57.6% to 49.5% [7] Market Data and Key Metrics Changes - Sales in North America and Western Europe declined by 18% and 20% respectively, while the Middle East and Eastern Europe saw declines of 35% and 40% [15] - Asia experienced a 28% drop in sales, largely due to reduced international air travel affecting the travel retail business [15] Company Strategy and Development Direction - The company plans to launch several new products in 2021, including fragrances for brands like Kate Spade, Jimmy Choo, and Moncler, indicating a strong product pipeline [21][22][24] - The acquisition of a 25% stake in Divabox, an e-commerce platform, is expected to enhance digital development and address consumer demand [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2021, citing a strong financial position and the expectation of a return to normalized business levels as the pandemic situation improves [26] - The company raised its 2021 sales guidance to between $650 million and $660 million, assuming no significant resurgence of COVID-19 [11][12] Other Important Information - The Board of Directors reinstated the quarterly cash dividend at an annual rate of $1 per share, reflecting confidence in the company's outlook [25] - The company is actively seeking new licenses or acquisitions for expansion opportunities [26] Q&A Session Summary Question: Travel retail performance and expectations - Management noted that travel retail is still down 80-85% compared to 2019, with no expected rebound before 2023 or 2024 [32] Question: Revenue growth cadence through 2021 - Management indicated strong sales in January and February, with a good first quarter expected and an easy comparison in the second quarter [33][34] Question: Fixed expenses increase in 2021 - Management clarified that fixed expenses would slightly increase due to previously deferred costs, with expectations of a small decline in margins [36][37] Question: Opportunities in home fragrance - Management is exploring home fragrance and candles for some brands, with new SKUs expected in the third quarter of 2021 [62] Question: Digital distribution and partnerships - Management confirmed ongoing participation in e-commerce platforms and emphasized the importance of digital advertising in China [45][46]
Inter Parfums(IPAR) - 2020 Q4 - Annual Report
2021-03-01 20:55
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to . Commission file no. 0-16469 Inter Parfums, Inc. (Exact name of registrant as specified in its charter) FORM 10-K (Mark one) | Delaware | 13-3275609 | | --- | --- | | (State or oth ...
Inter Parfums(IPAR) - 2020 Q3 - Earnings Call Transcript
2020-11-10 19:44
Inter Parfums, Inc. (NASDAQ:IPAR) Q3 2020 Earnings Conference Call November 10, 2020 11:00 AM ET Company Participants Russell Greenberg – Executive Vice President and Chief Financial Officer Jean Madar – Co-Founder, Chairman and Chief Executive Officer Conference Call Participants Joe Altobello – Raymond James Linda Bolton Weiser – D.A. Davidson Steph Wissink – Jefferies Vahid Khorsand – BWS Financial Operator Ladies and gentlemen, thank you for standing by. Greetings, and welcome to the Inter Parfums Third ...
Inter Parfums(IPAR) - 2020 Q3 - Quarterly Report
2020-11-09 21:26
( MARK ONE ) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2020. OR ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from ________ to ________ . Commission File No. 0-16469 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q INTER PARFUMS, INC. (Exact name of registrant as specified in its charter) Delaware 13-3275609 (Stat ...
Inter Parfums(IPAR) - 2020 Q2 - Earnings Call Transcript
2020-08-11 19:41
Financial Data and Key Metrics Changes - The consolidated second quarter gross margin declined to 54% compared to 64% in the same quarter last year [7] - The gross margin for European operations was 57% compared to 68% in the previous year [7] - U.S. operations saw a gross profit margin of 43% versus 52% in the same quarter last year, attributed to a 75% decline in net sales [8] - SG&A expenses decreased by 62% compared to last year's second quarter, but represented 65% of net sales compared to 51% in the same period last year [13] - The effective tax rate for European operations was 26% for the first half of 2020, down from 30% in the prior year [18] - The effective tax rate for U.S. operations resulted in a benefit of 33.8% for the first half of 2020, compared to an expense of 17.3% in the same period of 2019 [19] Business Line Data and Key Metrics Changes - North American net sales declined by 39%, Western Europe by 34%, Asia by 53%, Middle East by 57%, and Eastern Europe by 56% in the first half of 2020 [26] - The two largest brands, Montblanc and Jimmy Choo, experienced sales declines of 50% and 43% respectively [26] - SG&A expenses for European operations declined 66% but represented 59% of net sales compared to 54% in the same period last year [14] - U.S. operations saw SG&A expenses down 44%, but these expenses represented 91% of net sales in the second quarter, compared to 40% in the same quarter of 2019 [15] Market Data and Key Metrics Changes - The virtual cessation of international air travel significantly impacted sales, particularly in Asia [28] - Retailers are reported to have very light inventory levels, leading to increased shipments starting in July and continuing into August [52] Company Strategy and Development Direction - The company has inked two important agreements in Q2 2020, including an exclusive worldwide license with Montclair and a 25% stake in Divabox, enhancing its e-commerce capabilities [33][36] - The company aims to maintain a fixed expense level below $25 million per quarter for the next two to three quarters, with no plans for hiring [55] - The focus is on building e-commerce capabilities and understanding the fragrance market better through the investment in Origines Parfums [58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism that the second quarter would mark a low point, with expectations for improvement in Q3 and Q4 [17][48] - Concerns were raised about the impact of deteriorating economic conditions and high unemployment on consumer demand [30] - The company remains flexible and has a strong balance sheet, indicating no immediate need for additional funding [31] Other Important Information - The company reported working capital of $386 million, including approximately $195 million in cash and equivalents, with a working capital ratio of 4.8 to 1 [20] - The company has faced delays in payment of accounts receivable, particularly from duty-free retail customers, but a significant portion of receivables is covered by insurance [21][22] Q&A Session Summary Question: Trends in July and August - Management noted that sales trends have improved since the second quarter, with positive signs in Europe and Asia, and the U.S. starting to buy again [44][46] Question: Future Expense Management - Management plans to maintain fixed expenses below $25 million per quarter for the next few quarters, with no hiring planned [55] Question: Equity Stake in Origines Parfums - The investment aims to gain insights into the e-commerce fragrance market, with no expected conflicts with competitors [60] Question: Share Repurchases and Cash Utilization - The company prefers to use excess cash for potential acquisitions rather than share buybacks, with discussions ongoing about reinstating dividends [62][67] Question: Consumer Demand for Fragrances - Management does not expect a significant drop in fragrance usage, despite changes in consumer behavior due to COVID-19 [68] Question: Expansion into Other Fragrance Areas - The company has opportunities to expand into home fragrances and personal care, but will conduct thorough research before entering these markets [71]