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, Inc. Reports Record 2024 Second Quarter Net Sales