Inter Parfums(IPAR) - 2025 Q2 - Quarterly Report

Part I. Financial Information Presents the company's interim consolidated financial statements and management's discussion and analysis of financial condition and results of operations Item 1. Financial Statements The unaudited consolidated financial statements for the interim periods ended June 30, 2025, are presented, including balance sheets, income statements, comprehensive income statements, changes in equity, and cash flow statements. These statements are condensed per SEC rules and should be read in conjunction with the 2024 Form 10-K. The results for the six months ended June 30, 2025, are not necessarily indicative of the full fiscal year. - The financial statements are unaudited and condensed in accordance with SEC rules, containing only normal recurring adjustments[10] - The results for the six months ended June 30, 2025, are not necessarily indicative of the results to be expected for the entire fiscal year[11] Consolidated Balance Sheets Presents a condensed overview of the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :--------------------------------- | :------------ | :---------------- | :--------- | | Total Assets | $1,561,748 | $1,411,261 | 10.67% | | Total Current Liabilities | $333,001 | $332,427 | 0.17% | | Long-term Debt, less current portion | $153,112 | $115,734 | 32.30% | | Total Equity | $1,056,752 | $942,645 | 12.10% | Consolidated Statements of Income Details the company's net sales, gross margin, operating income, and net income for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Income Highlights (in thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Net sales | $333,936 | $342,229 | (2.42)% | $672,755 | $666,192 | 0.99% | | Gross margin | $221,089 | $220,757 | 0.15% | $437,066 | $423,142 | 3.29% | | Income from operations | $59,176 | $64,828 | (8.69)% | $134,253 | $132,801 | 1.09% | | Net income attributable to Interparfums, Inc. | $31,988 | $36,823 | (13.13)% | $74,480 | $77,871 | (4.35)% | | Diluted EPS | $0.99 | $1.14 | (13.16)% | $2.32 | $2.41 | (3.73)% | | Dividends declared per share | $0.80 | $0.75 | 6.67% | $1.60 | $1.50 | 6.67% | Consolidated Statements of Comprehensive Income Reports net income and other comprehensive income components, including translation adjustments, for the interim periods Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :------------------------------------------ | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Net income | $41,197 | $46,598 | (11.60)% | $96,600 | $99,901 | (3.29)% | | Translation adjustments, net of tax | $59,180 | $(5,912) | N/A | $87,102 | $(20,494) | N/A | | Comprehensive income attributable to Interparfums, Inc. | $77,243 | $32,376 | 138.59% | $145,120 | $63,195 | 129.65% | Consolidated Statements of Changes in Equity Outlines the changes in total equity, retained earnings, and accumulated other comprehensive loss for the six months ended June 30, 2025 and 2024 Consolidated Statements of Changes in Equity Highlights (in thousands) | Metric | June 30, 2025 | June 30, 2024 | Change (%) | | :------------------------------------ | :------------ | :------------ | :--------- | | Total equity | $1,056,752 | $901,206 | 17.26% | | Retained earnings (6 months) | $787,031 | $724,268 | 8.67% | | Accumulated other comprehensive loss (6 months) | $(1,599) | $(54,864) | 97.08% | Consolidated Statements of Cash Flows Summarizes cash flows from operating, investing, and financing activities, along with the period-end cash and cash equivalents Consolidated Statements of Cash Flows Highlights (in thousands) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------- | | Net cash provided by (used in) operating activities | $4,510 | $(26,459) | N/A | | Net cash provided by investing activities | $24,234 | $50,505 | (52.01)% | | Net cash used in financing activities | $(12,608) | $(72,012) | (82.50)% | | Cash and cash equivalents - end of period | $151,454 | $38,973 | 288.56% | Notes to Consolidated Financial Statements Provides detailed disclosures on accounting policies, recent agreements, inventories, fair value, derivatives, leases, share-based payments, EPS, and segment information - The notes provide detailed information on significant accounting policies, recent agreements, accounting pronouncements, inventories, fair value measurements, derivative instruments, leases, share-based payments, EPS computation, and segment/geographic areas[26] 1. Significant Accounting Policies Outlines the company's adherence to accounting policies detailed in its 2024 Form 10-K consolidated financial statements - The company follows the accounting policies set forth in its consolidated financial statements included in the Form 10-K for the year ended December 31, 2024[26] 2. Recent Agreements Details new and renewed license agreements, acquisitions of intellectual property rights, and the expiration of certain brand licenses - Interparfums SA signed an exclusive license agreement with Longchamp through December 31, 2036, with the first launch expected in 2027[27] - Interparfums SA acquired all intellectual property rights for Maison Goutal in March 2025, with commercial use beginning January 1, 2026[28] - The Coach license agreement was renewed for an additional 5-year term, extending through June 30, 2031[29] - The Fierce distribution agreement was expanded for global distribution, while the existing Abercrombie & Fitch and Hollister fragrance license agreement will expire on March 14, 2028[30] - Interparfums SA obtained all Off-White® brand names and trademarks for fragrance and cosmetic products, with commercial use starting January 1, 2026[31] - The Van Cleef & Arpels license agreement was renewed for an additional 9-year term, through December 31, 2033[32] - An exclusive worldwide license for Roberto Cavalli brand perfumes became effective in July 2023, with shipments starting in February 2024[33] - An exclusive worldwide license for Lacoste brand perfumes and cosmetics became effective in January 2024, with shipments starting in January 2024[35] - The Dunhill fragrance license expired on September 30, 2023, and all related inventory was sold off by September 30, 2024[36] - A $4.0 million impairment charge was taken on the Rochas fashion trademark in Q4 2024 due to operational challenges and a strategic shift, following previous charges in 2021 and 2022[37] 3. Recent Accounting Pronouncements Discusses the potential impact of recently issued accounting standards updates on expense disaggregation and income tax disclosures - ASU No. 2024-03 (Expense Disaggregation Disclosures) requires more detailed disclosures about expense types, effective for fiscal years beginning after December 15, 2026, with the company evaluating its impact[38] - ASU No. 2023-09 (Improvements to Income Tax Disclosures) requires enhanced income tax disclosures, effective for annual periods beginning after December 15, 2024, with the company evaluating its impact[39] 4. Inventories Presents a breakdown of inventory values, including raw materials and finished goods, as of June 30, 2025, and December 31, 2024 Inventories (in thousands) | Inventory Type | June 30, 2025 | December 31, 2024 | Change (%) | | :---------------------------- | :------------ | :---------------- | :--------- | | Raw materials and component parts | $148,810 | $137,572 | 8.17% | | Finished goods | $276,539 | $234,348 | 18.00% | | Total Inventories | $425,349 | $371,920 | 14.37% | 5. Fair Value Measurement Explains the categorization of financial assets and liabilities based on fair value input reliability and details fair value measurements - Financial assets and liabilities measured at fair value are categorized into three levels based on input reliability[43] Fair Value Measurements of Assets (in thousands) | Asset Type | June 30, 2025 Total Fair Value | December 31, 2024 Total Fair Value | Change (%) | | :-------------------------------------------------------------------------------- | :----------------------------- | :----------------------------- | :--------- | | Short-term investments | $53,901 | $109,311 | (50.69)% | | Interest rate swaps | $1,527 | $1,967 | (22.47)% | | Foreign currency forward exchange contracts not accounted for using hedge accounting | $5,793 | $0 | N/A | | Foreign currency forward exchange contracts accounted for using hedge accounting | $7,511 | $0 | N/A | - Foreign currency forward exchange contracts and interest rate swaps are valued based on quotations from financial institutions, primarily using Level 2 inputs[47][44] 6. Derivative Financial Instruments Describes the company's use of foreign currency forward exchange contracts and interest rate swaps to manage financial risks - The company uses foreign currency forward exchange contracts to hedge exposure related to foreign currency receivables and future sales, aiming for high effectiveness[48] - Interest rate swaps are used to manage variable interest rate debt, including a €50 million loan for the Lacoste trademark acquisition (swapped to a maximum 2% rate) and €80 million of a €120 million loan for a Paris office building (swapped to a fixed 1.1% rate)[49][50] - As of June 30, 2025, the company had foreign currency forward exchange contracts with notional amounts of approximately USD $111 million, all with maturities of less than one year[53] 7. Leases Details the company's operating lease arrangements for offices, warehouses, vehicles, and equipment, including average lease term and discount rate - The company primarily leases offices, warehouses, vehicles, and office equipment, classified as operating leases[55] - As of June 30, 2025, the weighted average remaining lease term was 3.7 years, and the weighted average discount rate was 3.1%[57] - Rental expense related to operating leases was $3.4 million for the six months ended June 30, 2025, compared to $3.3 million for the corresponding period of the prior year[57] 8. Share-Based Payments Reports share-based payment expenses, outstanding stock options, and cash proceeds from exercises, including a June 2025 share distribution - Share-based payment expense decreased income before income taxes by $0.95 million for the six months ended June 30, 2025, compared to $1.17 million in the prior year[61] - As of June 30, 2025, 214,800 stock options were outstanding with a weighted average exercise price of $105.70, and unrecognized compensation cost aggregated $2.9 million[62] - Cash proceeds from stock options exercised increased to $2.112 million for the six months ended June 30, 2025, from $1.370 million in the prior year[63] - In June 2025, 106,046 shares of Interparfums SA stock were distributed to employees, fulfilling a March 2022 grant plan, with an aggregate cost of $4.5 million for the company to avoid dilution[65][66][69] 9. Net Income Attributable to Interparfums, Inc. Common Shareholders Provides a breakdown of net income and earnings per share attributable to common shareholders for the interim periods Earnings Per Share (in thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net income attributable to Interparfums, Inc. | $31,988 | $36,823 | $74,480 | $77,871 | | Basic EPS | $1.00 | $1.15 | $2.32 | $2.43 | | Diluted EPS | $0.99 | $1.14 | $2.32 | $2.41 | 10. Segment and Geographic Areas Divides the company's operations into European and United States segments, detailing their respective contributions to net sales and total assets - The company manages its business in two segments: European based operations (primarily France) and United States based operations[75] - European based operations contributed approximately 72% of net sales for the six months ended June 30, 2025, while United States based operations contributed 28%[87][88] Total Assets by Segment (in thousands) | Segment | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | United States | $416,333 | $352,139 | | Europe | $1,163,019 | $1,073,326 | | Total Assets | $1,561,748 | $1,411,261 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides an overview of the company's operations, recent events, critical accounting policies, and a detailed analysis of financial performance for the three and six months ended June 30, 2025, compared to the prior year. It also discusses liquidity, capital resources, and future outlook. - The company operates in the fragrance business, manufacturing, marketing, and distributing prestige fragrances and related products through European and United States based operations[86] - The business is not capital intensive, as the company does not own manufacturing facilities and sources components from suppliers, with third-party fillers manufacturing finished products[93] - The company manages financial exposures, particularly foreign currency exchange rates, through a controlled program of risk management, including derivative financial instruments[95] Overview Provides a high-level summary of the company's operational structure, key brand contributions, and geographic sales distribution - European based operations represented approximately 72% of net sales and United States based operations represented 28% of net sales for the six months ended June 30, 2025[87][88] - The company's largest brands (Jimmy Choo, Coach, Montblanc, GUESS, Lacoste, Donna Karan/DKNY, and Ferragamo) represented 77% of net sales for the six months ended June 30, 2025[89] Product Sales by Largest Brands (% of Net Sales) | Brand | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------- | :----------------------------- | :----------------------------- | | Coach | 17% | 14% | | Jimmy Choo | 17% | 16% | | Montblanc | 15% | 17% | | GUESS | 10% | 11% | | Lacoste | 8% | 6% | | Donna Karan/DKNY | 6% | 6% | | Ferragamo | 3% | 4% | Results of Operations Analyzes the company's financial performance across key metrics including net sales, gross profit, operating expenses, and net income for the interim periods - Overall net sales for the six months ended June 30, 2025, increased by 1% (2.5% organic) compared to the prior year, despite a 2% reported and organic decline in the second quarter[99] - Gross profit margin improved to 66.2% for Q2 2025 and 65.0% for H1 2025, driven by favorable segment and brand mix and the discontinuation of lower-margin Dunhill products[105][109] - Operating margins aggregated 17.7% for the three months and 20.0% for the six months ended June 30, 2025, compared to 18.9% and 19.9% for the corresponding prior year periods[117] Net Sales Examines net sales performance by European and United States based operations, highlighting growth drivers and new product launches Net Sales by Segment (in millions) | Segment | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | European based product sales | $240.5 | $226.0 | 6.42% | $488.4 | $457.0 | 6.87% | | United States based product sales | $95.8 | $120.2 | (20.29)% | $190.1 | $216.0 | (12.00)% | | Total Net Sales | $333.9 | $342.2 | (2.42)% | $672.8 | $666.2 | 0.99% | - European based operations sales increased 6% (4% organic) for Q2 2025 and 7% (6% organic) for H1 2025, driven by Lacoste (+59% Q2) and Coach (+42% Q2)[100] - United States based operations sales decreased 20% for Q2 2025 and 12% for H1 2025 (6% organic decline for H1), primarily due to the discontinuation of the Dunhill license, while Roberto Cavalli sales grew 23% (Q2) and 25% (H1)[101] - New product launches and brand extensions are planned for the remainder of 2025, including Roberto Cavalli Serpentine, Lacoste Original flanker, and I Want Choo flanker[102] Net Sales to Customers by Region Details net sales distribution across various geographic regions, noting increases in North America and Eastern Europe, and declines in Asia/Pacific and MEA Net Sales to Customers by Region (in millions) for Six Months Ended June 30 | Region | 2025 | 2024 | Change (%) | | :-------------------------- | :----- | :----- | :--------- | | North America | $245.4 | $229.7 | 6.83% | | Western Europe | $176.1 | $170.6 | 3.22% | | Asia/Pacific | $91.8 | $104.8 | (12.40)% | | Central and South America | $63.6 | $59.2 | 7.43% | | Middle East and Africa | $50.1 | $61.6 | (18.67)% | | Eastern Europe | $45.8 | $40.3 | 13.65% | - Asia/Pacific sales decreased by 12% due to a higher base in Australia and distribution disruptions in South Korea, while Middle East and Africa sales declined 19% (6% excluding Dunhill impact) due to regional conflicts and a shift to higher-end luxury fragrances[104] Gross Profit Margin Discusses the company's gross profit margin trends, attributing improvements to favorable segment and brand mix and product discontinuation Gross Profit Margin as a Percentage of Net Sales | Segment | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Company Gross Profit Margin | 66.2% | 64.5% | 65.0% | 63.5% | | European based operations | 68.3% | 68.8% | 66.9% | 66.3% | | United States based operations | 60.7% | 56.5% | 59.7% | 57.5% | - The increase in the company's overall gross profit margin was driven by favorable segment and brand mix, and for United States operations, by the discontinuation of lower-margin Dunhill products[105][109] Selling, general and administrative expenses Analyzes selling, general, and administrative expenses, including promotion and advertising, as a percentage of net sales and their drivers Selling, General and Administrative Expenses (in millions) | Segment | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Company SG&A (% of net sales) | 48.5% | 45.6% | 6.36% | 45.0% | 43.6% | 3.21% | | European based operations SG&A | $115.9 | $108.1 | 7.22% | $211.9 | $198.5 | 6.75% | | United States based operations SG&A | $46.0 | $47.9 | (3.97)% | $90.9 | $91.9 | (1.09)% | | Promotion and advertising | $68.8 | $66.4 | 3.61% | $120.4 | $114.7 | 4.97% | - The increase in company-wide SG&A as a percentage of net sales was largely driven by increased spending on promotional and advertising activities and increased employee-related costs[111] - Promotion and advertising expenditures are anticipated to aggregate approximately 21% of net sales on a full-year basis[113] Royalty expense Reviews royalty expense trends, noting its increase as a percentage of net sales primarily due to unfavorable brand mix Royalty Expense (in millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Royalty expense | $27.7 | $27.0 | 2.59% | $55.8 | $54.2 | 2.95% | | Royalty expense (% of net sales) | 8.3% | 7.9% | 5.06% | 8.3% | 8.1% | 2.47% | - The increase in royalty expense as a percentage of net sales was primarily driven by unfavorable brand mix[116] Income from Operations Presents the company's operating margins for the three and six months ended June 30, 2025 and 2024 Operating Margins | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (pp) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (pp) | | :------------------- | :--------------------------- | :--------------------------- | :---------- | :--------------------------- | :--------------------------- | :---------- | | Operating margins | 17.7% | 18.9% | (1.2) | 20.0% | 19.9% | 0.1 | Other Income and Expense Details the components of other income and expense, including foreign currency losses, marketable securities losses, and interest income - Overall other income and expense resulted in a loss of $6.7 million for the six months ended June 30, 2025, compared to a loss of $1.5 million in the prior year period[118] - Key drivers of the change include a foreign currency loss of $2.4 million (vs. gain of $0.3 million in prior year) and marketable securities losses of $3.4 million (vs. loss of $0.6 million in prior year) for H1 2025[118] - Interest income increased to $2.6 million in H1 2025 from $1.7 million in H1 2024, while unrealized losses on marketable equity securities were $1.1 million in Q2 2025 compared to unrealized gains of $1.5 million in Q2 2024[121] Income Taxes Reports the consolidated effective tax rate and the effective tax rates for European and United States based operations - The consolidated effective tax rate was 24.3% for the six months ended June 30, 2025, slightly up from 23.9% in the prior year[122] - European based operations' effective tax rate was 25.4% (up from 25.0%), while United States based operations' effective tax rate was 18.8% (down from 19.9%) for H1 2025[122] Net Income Provides net income attributable to Interparfums, Inc. and its segments, along with overall net profit margins Net Income by Segment (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :-------------------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Net income attributable to Interparfums, Inc. | $31,988 | $36,823 | (13.13)% | $74,480 | $77,871 | (4.35)% | | Net income attributable to European based operations | $32,745 | $33,187 | (1.33)% | $80,864 | $78,127 | 3.50% | | Net income attributable to United States based operations | $9,555 | $15,225 | (37.24)% | $18,223 | $24,752 | (26.37)% | - Net profit margins attributable to Interparfums, Inc. for the six months ended June 30, 2025, aggregated 11.1%, down from 11.7% in the prior year[127] Liquidity and Capital Resources Assesses the company's financial liquidity, working capital, cash flow from operations, inventory levels, capital expenditures, and dividend policy - As of June 30, 2025, the company had $205.4 million in cash, cash equivalents, and short-term investments, with working capital aggregating $654.0 million[128][129] - Cash provided by operating activities was $4.5 million for H1 2025, a significant improvement from cash used of $26.5 million in H1 2024[135] - Inventory levels increased 5% from year-end 2024 in preparation for H2 sales and the holiday season, with finished goods comprising 65.0% of inventory, up from 59.7% at June 30, 2024[135] - Capital expenditures for H1 2025 included $19.7 million for the Goutal Trademark purchase and $15.3 million for additional property in Paris[137] - The Board of Directors increased the annual dividend to $3.20 per share in February 2025, up from $3.00 per share in February 2024[140] - The company anticipates potential inflationary impacts in the second half of 2025 due to potential increased costs from tariffs[142] Item 3. Quantitative and Qualitative Disclosures About Market Risk The company manages financial exposures through derivative financial instruments, primarily foreign currency forward exchange contracts to mitigate foreign exchange risk and interest rate swaps to manage interest rate risk. - The company addresses financial exposures through a controlled program of risk management, primarily using derivative financial instruments[144] Foreign Exchange Risk Management Explains the company's strategy of using foreign currency forward exchange contracts to hedge foreign exchange exposure - Foreign currency forward exchange contracts are used to hedge exposure related to foreign currency receivables and future sales, aiming to minimize the effect of exchange rate movements on Interparfums SA's cash flows[145] - As of June 30, 2025, the company had foreign currency contracts with notional amounts of approximately USD $111 million, all with maturities of less than one year[148] Interest Rate Risk Management Describes the company's approach to mitigating interest rate risk through monitoring and potential interest rate swaps - The company mitigates interest rate risk by monitoring interest rates and determining whether fixed interest rates should be swapped for floating rate debt, or vice versa[149] Item 4. Controls and Procedures The company's disclosure controls and procedures were evaluated, and while material weaknesses identified in the 2024 Annual Report are being remediated, they are not yet considered fully remediated. No significant changes in internal control over financial reporting occurred during the quarter, except as described. Evaluation of Disclosure Controls and Procedures Refers to the 2024 Annual Report for details on disclosure controls evaluation and remediation of identified material weaknesses - The company refers to its 2024 Annual Report on Form 10-K for details on the evaluation of disclosure controls and procedures and the remediation plan[150] - Material weaknesses will not be considered remediated until controls operate for a sufficient period and management concludes they are operating effectively through testing[150] Changes in Internal Control Over Financial Reporting States that no significant changes in internal control over financial reporting occurred during the quarter, except as part of the remediation plan - No significant changes in internal control over financial reporting occurred during the quarterly period covered by this report that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting, except as described in the remediation plan[151] Part II. Other Information Provides additional information including risk factors, equity sales, other disclosures, and a list of exhibits filed with the report Item 1A. Risk Factors Information regarding the company's risk factors is incorporated by reference from its 2024 Annual Report on Form 10-K. - Information regarding the company's Risk Factors can be found in its 2024 Annual Report on Form 10-K filed with the SEC[153] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. The Board of Directors authorized the repurchase of up to 260,000 shares in 2025, with 20,000 shares purchased in April 2025. - In February 2025, the Board of Directors authorized the company to continue repurchasing up to 130,000 shares throughout 2025, which was increased to 260,000 shares in April 2025[154] Common Stock Repurchase Activity (April 1 - June 30, 2025) | Period | Total Number of Shares Purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs | | :------- | :----------------------------- | :--------------------------- | :------------------------------------------------------------------------------- | :----------------------------------------------------------------------------- | | April 1-30 | 20,000 | $102.15 | 20,000 | 240,000 | | May 1-31 | 0 | n/a | 20,000 | 240,000 | | June 1-30 | 0 | n/a | 20,000 | 240,000 | | Total | 20,000 | $102.15 | 20,000 | 240,000 | Item 5. Other Information No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the second quarter of 2025. - During the second quarter of 2025, no director or officer adopted or terminated any 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement'[156] Item 6. Exhibits. This section lists the exhibits filed with the Form 10-Q, including certifications from the Chief Executive Officer and Chief Financial Officer, as well as interactive data files. - Exhibits filed include certifications required by Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act from the Chief Executive Officer and Chief Financial Officer, along with interactive data files[158] SIGNATURES Confirms the official signing of the report by the Chief Financial Officer on behalf of Interparfums, Inc. - The report was signed on behalf of Interparfums, Inc. by Michel Atwood, Chief Financial Officer, on August 5, 2025[160][161]