Financial Performance - Net sales for the three months ended June 30, 2024, increased by 10.7% to $342.2 million compared to $309.3 million for the same period in 2023[62]. - European based product sales for the six months ended June 30, 2024, were $457.0 million, up 6.8% from $428.1 million in 2023[62]. - United States based product sales for the three months ended June 30, 2024, grew by 7.9% to $120.2 million from $111.5 million in 2023[62]. - Net sales for European based operations reached $226.0 million for the three months ended June 30, 2024, up from $197.8 million in the same period of 2023, representing a growth of 14.3%[67]. - Net income attributable to Inter Parfums, Inc. was $36.8 million for the three months ended June 30, 2024, compared to $35.0 million for the same period in the prior year, representing a 5% increase[80]. - Net income attributable to European based operations increased to $33.2 million for the three months ended June 30, 2024, up from $27.0 million in the prior year, reflecting a 23% growth[81]. Brand Performance - The introduction of the Lacoste brand contributed $39.5 million in sales during the first half of 2024[63]. - The company's largest brands by sales percentage for the six months ended June 30, 2024, included Montblanc at 17%, Jimmy Choo at 16%, and Coach at 14%[53]. - North America sales rose 5% in the first half of 2024, while Western Europe and Asia/Pacific saw increases of 11% and 6%, respectively[66]. Expenses and Margins - Gross profit margin for European based operations was 68.8% for the three months ended June 30, 2024, compared to 63.0% for the same period in 2023, an increase of 5.8 percentage points[68]. - Selling, general and administrative expenses for European based operations increased by 21.2% to $108.1 million for the three months ended June 30, 2024, compared to $89.2 million in the prior year[71]. - The company's overall operating margins were 18.9% for the three months ended June 30, 2024, compared to 17.8% for the same period in 2023[74]. - Promotion and advertising expenses totaled $66.4 million for the three months ended June 30, 2024, representing 19.4% of net sales, up from 17.7% in the prior year[72]. - Royalty expenses for the three months ended June 30, 2024, were $27.0 million, representing 7.9% of net sales, compared to 7.8% in the same period of 2023[73]. - The company's gross profit margin as a percentage of net sales was 64.5% for the three months ended June 30, 2024, compared to 60.9% for the same period in 2023[67]. - Net profit margins for Inter Parfums, Inc. were 11.7% as of June 30, 2024, down from 14.3% in the prior year, impacted by inflation and increased costs[82]. Cash Flow and Liquidity - Cash and cash equivalents totaled $77 million as of June 30, 2024, with working capital aggregating $525 million, indicating a strong liquidity position[83]. - Cash used in operating activities was $26.5 million for the six months ended June 30, 2024, compared to cash provided of $6.8 million in the same period of 2023[88]. - Inventory levels increased by 19% from year-end 2023, supporting overall sales growth and new brand launches[88]. Tax and Interest - The effective tax rate for United States based operations was 19.9% for the six months ended June 30, 2024, compared to 17.4% for the same period in 2023[79]. - Interest expense related to financing brand and licensing acquisitions totaled approximately $137.2 million as of June 30, 2024[76]. Foreign Currency and Risk Management - The company's business is significantly influenced by foreign currency exchange rates, with over 50% of European based operations' net sales denominated in U.S. dollars[58]. - As of June 30, 2024, the company had foreign currency contracts totaling approximately $48 million and £11 million, aimed at managing foreign exchange risks[96]. Future Plans - The company plans to launch several brand extensions and new products throughout 2024, including DKNY 24/7 and a new flanker for Roberto Cavalli Signature[66]. - The company has entered into a global licensing agreement for the Roberto Cavalli brand, effective July 2023, with product shipments beginning in February 2024[86]. - The company plans to renew the Van Cleef & Arpels license agreement for an additional 9-year term starting January 1, 2025[86]. Dividends - The annual dividend was increased to $3.00 per share in February 2024, with the next quarterly dividend of $0.75 per share payable on September 30, 2024[90].

Financial Performance - Inter Parfums, Inc. reported net sales of $342 million for the second quarter of 2024, an increase of 11% from $309 million in the same quarter of 2023 [1][15] - For the first half of 2024, total net sales reached $666 million, up 7% from $621 million in the first half of 2023 [14] - European based operations saw a 14% increase in net sales, reaching $226 million, primarily driven by a 31% sales growth in the Jimmy Choo brand [14][7] - United States based operations experienced an 8% sales growth, totaling $120 million, following a strong first quarter with 18% growth [14][4] Brand Performance - Montblanc brand sales slightly declined during the quarter after a 16% increase in the same period last year, but a significant increase is expected in the second half of 2024 based on current orders and customer feedback [3] - The Coach brand maintained flat sales for the first half of 2024, following a 26% increase in the same period last year, with new fragrance variations planned for 2025 [16] - Sales for GUESS and Donna Karan/DKNY increased by 8% and 14%, respectively, in the first half of 2024, with new product launches anticipated to drive further growth [17] Market Outlook - The global fragrance market remains robust, with strong demand for products, although sell-in growth is slower than sell-out [18] - The company is maintaining a conservative outlook despite record sales, reaffirming its 2024 guidance of net sales of $1.45 billion and earnings per diluted share of $5.15 [18] - Discussions are ongoing to renew the license agreement for Van Cleef & Arpels fragrances, which is expected to strengthen selective distribution worldwide [18]

Inter Parfums (NASDAQ:IPAR) markets and distributes fragrances under a wide range of licensed brands. The company doesn't own manufacturing facilities, but rather gets the needed components through third-party supplier contracts. The company divides its operations into European and US operations, as presented in the May 2024 investor presentation. Inter Parfums owns a 72% share of the European-based operations, which are listed as a separate entity on the Euronext Paris stock exchange under the ITP ticker. ...

Inter Parfums, Inc. (IPAR) posted first-quarter 2024 results, wherein the bottom line declined year over year and fell short of the Zacks Consensus Estimate. However, sales increased due to strength in U.S.-based operations.The fragrance market stays vibrant, with major brands consistently experiencing robust sell-out rates and receiving positive feedback from retailers and consumers. Continued momentum in the fragrance market and the successful initial shipments of Lacoste and Cavalli fragrances drove resu ...

For the quarter ended March 2024, Inter Parfums (IPAR) reported revenue of $323.96 million, up 3.9% over the same period last year. EPS came in at $1.27, compared to $1.68 in the year-ago quarter.The reported revenue represents a surprise of -2.18% over the Zacks Consensus Estimate of $331.17 million. With the consensus EPS estimate being $1.56, the EPS surprise was -18.59%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...

Exhibit 99.1 FOR IMMEDIATE RELEASE INTER PARFUMS, INC. REPORTS 2024 FIRST QUARTER RESULTS Results in-line with Expectations; Reaf irms 2024 Sales and Earnings Guidance New York, New York, May 7, 2024, Inter Parfums, Inc. (NASDAQ GS: IPAR) today reported results for the first quarter ended March 31, 2024. | First Quarter 2024 Highlights: ($ in millions, except per share amounts) | Three Months Ended March 31, | | | | --- | --- | --- | --- | | | 2024 | 2023 | % Change | | Net Sales | $324 | $312 | 4% | | Gros ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q1 2024 show a slight decrease in total assets, increased net sales, but a decline in net income and diluted EPS, with a significant increase in cash used in operations [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$1.349 billion** as of March 31, 2024, primarily due to reduced cash, while total equity increased to **$907.9 million** Consolidated Balance Sheet Highlights | Account | March 31, 2024 ($ thousands) | December 31, 2023 ($ thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 832,667 | 839,026 | | Cash and cash equivalents | 20,976 | 88,462 | | Inventories | 400,209 | 371,859 | | **Total Assets** | **1,349,176** | **1,369,329** | | **Total Current Liabilities** | 302,458 | 324,745 | | **Total Liabilities** | 441,289 | 477,159 | | **Total Equity** | **907,887** | **892,170** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net sales increased by **4%** to **$324.0 million** in Q1 2024, but operating income and net income declined significantly due to higher costs and SG&A expenses Consolidated Income Statement Highlights | Metric | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | Net Sales | 323,963 | 311,723 | +3.9% | | Gross Margin | 202,385 | 202,957 | -0.3% | | Income from Operations | 67,973 | 90,279 | -24.7% | | Net Income Attributable to Inter Parfums, Inc. | 41,048 | 54,068 | -24.1% | | Diluted EPS | $1.27 | $1.68 | -24.4% | - Dividends declared per share increased to **$0.75** in Q1 2024 from **$0.625** in Q1 2023[17](index=17&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to **$52.0 million** in Q1 2024, primarily due to higher receivables and inventories, resulting in a **$67.5 million** net decrease in cash Consolidated Cash Flow Highlights | Cash Flow Activity | Q1 2024 ($ thousands) | Q1 2023 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (51,960) | (7,358) | | Net cash provided by investing activities | 13,922 | 61,644 | | Net cash used in financing activities | (28,131) | (12,555) | | **Net (decrease) increase in cash** | **(67,486)** | **44,342** | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details new licensing agreements, segment performance showing European dominance but faster US growth, and the company's use of derivative instruments for risk management - The company began shipping Roberto Cavalli products in February 2024 and Lacoste fragrances in January 2024 under new worldwide license agreements[31](index=31&type=chunk)[32](index=32&type=chunk) - The Dunhill fragrance license expired on September 30, 2023, and was not renewed; the company has a twelve-month sell-off period for remaining inventory[33](index=33&type=chunk) Segment Performance and Assets | Segment | Net Sales Q1 2024 ($ thousands) | Net Sales Q1 2023 ($ thousands) | Total Assets Mar 31, 2024 ($ thousands) | | :--- | :--- | :--- | :--- | | United States | 95,768 | 81,454 | 337,876 | | Europe | 230,957 | 230,269 | 1,069,258 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net sales increased by **4%** in Q1 2024, driven by U.S. growth and the Lacoste launch, but gross margin and operating income declined due to unfavorable mix and higher SG&A expenses - The company's growth strategy involves adding new brands through licenses or acquisitions and introducing new products while supporting established ones[82](index=82&type=chunk) Key Brand Contribution to Net Sales | Brand | % of Net Sales Q1 2024 | % of Net Sales Q1 2023 | | :--- | :--- | :--- | | Montblanc | 18% | 20% | | Coach | 15% | 15% | | Jimmy Choo | 15% | 20% | | GUESS | 10% | 9% | | Donna Karan/DKNY | 6% | 4% | [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Net sales increased by **4%** to **$324.0 million** in Q1 2024, driven by U.S. growth and the Lacoste launch, but gross margin and operating margin declined due to higher SG&A expenses Net Sales by Segment | Segment | Net Sales Q1 2024 ($ millions) | % Change YoY | | :--- | :--- | :--- | | European based | 231.0 | +0.3% | | United States based | 95.8 | +17.6% | | **Total** | **324.0** | **+3.9%** | - The launch of the Lacoste brand added **$20 million** in sales during the first quarter of 2024[92](index=92&type=chunk) - Gross margin decreased to **62.5%** from **65.1%** due to unfavorable segment/geographic mix, increased trade spending, and slight cost inflation on raw materials[101](index=101&type=chunk) - Promotion and advertising expenses increased to **$48.3 million** (**14.9% of sales**) in Q1 2024, up from **$35.2 million** (**11.3% of sales**) in Q1 2023, reflecting a strategic shift to increase spending in the first half of the year[109](index=109&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$97 million** in cash and **$530 million** in working capital, despite increased cash usage in operations due to higher receivables and inventory, and an increased annual dividend - As of March 31, 2024, the company had **$97 million** in cash, cash equivalents, and short-term investments[123](index=123&type=chunk) - Cash used in operating activities was **$52.0 million**, driven by a **$50.4 million** increase in accounts receivable and a **$34.4 million** increase in inventories to support sales growth[130](index=130&type=chunk)[25](index=25&type=chunk) - In February 2024, the Board of Directors increased the annual dividend to **$3.00 per share** from **$2.50 per share**[137](index=137&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks, including foreign currency and interest rate exposures, through derivative financial instruments like forward exchange contracts and interest rate swaps - The company uses foreign currency forward exchange contracts to hedge exposure from receivables and future sales denominated in foreign currencies[143](index=143&type=chunk) - As of March 31, 2024, the company had outstanding forward exchange contracts of approximately U.S. **$78.0 million** and GB **£4.7 million**, all with maturities of less than one year[146](index=146&type=chunk) - Interest rate risk is managed by monitoring rates and using swaps to manage exposure on its variable-rate debt[147](index=147&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of the end of the quarter, the company's disclosure controls and procedures were effective[150](index=150&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[151](index=151&type=chunk) [Part II. Other Information](index=30&type=section&id=Part%20II.%20Other%20Information) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares in Q1 2024, but the Board authorized the continuation of a share repurchase program for up to **130,000 shares** in 2024 - In February 2024, the Board of Directors authorized the company to continue repurchasing up to **130,000 shares** of its common stock throughout 2024[153](index=153&type=chunk) Share Repurchase Activity | Period | Total Number of Shares Purchased | | :--- | :--- | | January 1-31 | 0 | | February 1-29 | 0 | | March 1-31 | 0 | | **Total** | **0** | [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2024 - No director or officer adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the first quarter of 2024[155](index=155&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications required by the Sarbanes-Oxley Act - The exhibits filed with the report include CEO and CFO certifications required by Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act[158](index=158&type=chunk)

Inter Parfums, Inc. (IPAR) is likely to see a bottom-line decline when it reports first-quarter 2024 earnings on May 7. The consensus mark for quarterly earnings has declined by 4.9% in the past 30 days to $1.56 per share. This indicates a decrease of 7.1% from the year-ago quarter’s reported figure. However, IPAR has a trailing four-quarter earnings surprise of 16.4%, on average.Factors to NoteInter Parfums has been battling elevated SG&A costs for a while. The company has been undertaking heightened inves ...

Inter Parfums (IPAR) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On ...

Inter Parfums, Inc. (IPAR) has once again demonstrated its resilience and strength in the fragrance market, reporting decent net sales for the first quarter of 2024. This producer and distributor of a wide array of prestige fragrance and fragrance-related products has delivered noteworthy results, reporting a 4% year-over-year increase in net sales for the quarter, reaching $324 million.According to Jean Madar, the chairman & chief executive officer of Inter Parfums, the decent performance in the quarter wa ...