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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): January 23, 2024
Inter
Parfums, Inc.
(Exact
name of Registrant as specified in its charter)
Delaware
|
|
0-16469 |
|
13-3275609 |
(State or other jurisdiction
of incorporation or organization) |
|
Commission
File Number |
|
(I.R.S. Employer
Identification No.) |
|
551
Fifth Avenue, New
York, NY
10176 |
|
|
(Address of Principal Executive
Offices) |
|
|
|
|
|
212.983.2640 |
|
|
(Registrant’s Telephone
number, including area code) |
|
|
|
|
(Former name or
former address, if changed since last report) |
Check
the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of
the following provisions (see General Instruction A.2 below):
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting Material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange
on which registered |
|
|
|
|
|
Common
Stock, $.001 par value per share |
|
IPAR |
|
The
Nasdaq Stock Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Conditions
Certain
portions of our press release dated January 23, 2024, a copy of which is annexed hereto as Exhibit no. 99.1, are incorporated by reference
herein, and are filed pursuant to this Item 2.02. They are as follows:
•
The 1st through 7th paragraphs relating to net sales for the fourth quarter of 2023 and/or the full year ended
December 31, 2023.
Item
7.01. Regulation FD Disclosure.
Certain
portions of our press release dated January 23, 2024, a copy of which is annexed hereto as Exhibit no. 99.1, are incorporated by reference
herein and are filed pursuant to this Item 7.01 and Regulation FD.
| • | The
8th paragraph relating to portfolio innovations for 2024. |
| • | The
9th paragraph relating to 2024 guidance and plans to release 2023 fourth quarter
results. |
| • | The
12th paragraph relating to forward-looking information. |
| • | The
balance of such press release not otherwise incorporated by reference in Item 2.02. |
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and authorized this report to be signed
on its behalf by the undersigned.
Dated:
January 23, 2024
|
Inter Parfums, Inc. |
|
|
|
By: |
/s/
Michel Atwood |
|
|
Michel Atwood |
|
|
Chief Financial Officer |
Exhibit
99.1
FOR
IMMEDIATE RELEASE
INTER
PARFUMS, INC. REPORTS RECORD 2023 FOURTH QUARTER AND FULL YEAR NET SALES
New
York, New York, January 23, 2024, Inter Parfums, Inc. (NASDAQ GS: IPAR) (“Inter Parfums” or the “Company”) today
announced that for the three months and full year ended December 31, 2023, net sales rose 6% to $329 million and 21% to $1.32 billion,
from the same periods in 2022, respectively.
Net
Sales:
($
in millions; data may not foot due to rounding) |
Three
Months Ended
December
31, |
Year
Ended
December
31, |
|
2023 |
2022 |
%
Change |
2023 |
2022 |
%
Change |
Total
Inter Parfums, Inc. |
$329 |
$311 |
6% |
$1,318 |
$1,087 |
21% |
European
based product sales |
$200 |
$197 |
2% |
$862 |
$744 |
16% |
United
States based product sales |
$128 |
$114 |
13% |
$456 |
$343 |
33% |
At
comparable foreign currency exchange rates, consolidated net sales for the three months and year ended December 31, 2023, increased
4% and 20%, respectively, compared to the same periods in 2022. Of note, the average dollar/euro exchange rate for the 2023 fourth
quarter was 1.08 compared to 1.02 in the fourth quarter of 2022, while for the full year, the average dollar/euro exchange rate for
2023 was 1.08 compared to 1.05 in 2022, leading to a positive 2% foreign exchange impact for the fourth quarter and 1% for the full
year. |
Management
Commentary:
Jean
Madar, Chairman & Chief Executive Officer of Inter Parfums, stated, “With ongoing strength in the overall fragrance market
and our successful distribution execution, we grew sales by 6% during the quarter. The better-than-expected performance in the final
quarter culminated in 21% sales growth for the year, surpassing our guidance of $1.3 billion. Of note, the quarterly growth rate in comparison
to the full year reflects the elevated sales baseline from the preceding year. Furthermore, compared to 2019, our sales were up 85% for
both the fourth quarter and full year 2023.
“Our
European based operations grew sales by 2%, primarily due to Coach brand sales which rose 17% in the fourth quarter. Considering Jimmy
Choo and Montblanc sales growth of 78% and 50%, respectively, in the closing quarter of 2022, a modest decline in net sales for those
two brands during the fourth quarter of 2023 was expected.
“For
the full year, European based operations grew sales by 16%, led by the Coach, Jimmy Choo and Montblanc brands, which were up 25%, 19%
and 15% growth, respectively.”
Mr.
Madar continued, “For U.S. based operations, our 13% sales growth in the fourth quarter was primarily driven by Donna Karan/DKNY
with comparable quarter sales growing 21%. GUESS and Ferragamo also saw mid-single-digit sales growth during the quarter, relative to
the very high base in the prior year period. The Phase 1 roll-out of the iconic Abercrombie & Fitch Fierce fragrance, in select
markets, boosted fourth quarter sales with further gains expected as we launch Phase 2 in the spring.
“For
the full year, U.S. based operations grew sales by 33%, led by Donna Karan/DKNY, GUESS, and Ferragamo achieving gains of 205%, 23% and
21%, respectively. Of note, Donna Karan/DKNY joined our portfolio in July of 2022, which helps explain the exceptional year-over-year
performance.”
Mr.
Madar concluded, “Our stimulating pipeline of innovative products across our portfolio of brands, now inclusive of Lacoste and
Roberto Cavalli, a fully operational Italian affiliate in Florence, Italy, and our dynamic positioning within the industry, strengthen
our confidence in gaining further market share in the years ahead and deliver another record year in 2024."
The
Company’s full year 2024 guidance will be addressed in conjunction with the issuance of the 2023 fourth quarter and full year consolidated
earnings results.
About
Inter Parfums, Inc.:
Operating
in the global fragrance business since 1982, Inter Parfums, Inc. produces and distributes a wide array of prestige fragrance and fragrance-related
products under license agreements with brand owners. The Company manages its business in two operating segments, European based operations,
through their 72% owned subsidiary, Interparfums SA, and United States based operations, through wholly owned subsidiaries in the United
States and Italy.
The
portfolio of prestige brands includes Abercrombie & Fitch, Anna Sui, Boucheron, Coach, Donna Karan/DKNY, Emanuel Ungaro, Ferragamo,
Graff, GUESS, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, MCM, Moncler, Montblanc, Oscar de la Renta, Roberto Cavalli,
and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world through an extensive and diverse network
of distributors. Inter Parfums, Inc. is also the registered owner of several trademarks including Lanvin and Rochas.
Forward-Looking
Statements:
Statements
in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions, and
expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations
will be achieved. In some cases, you can identify forward-looking statements by forward-looking words such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "should,"
"will," and "would," or similar words. You should not rely on forward-looking statements, because actual events or
results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors.
These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements”
and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2022 and the reports
Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no
duty to update the information contained in this press release.
Contact
Information:
Inter Parfums, Inc. |
or |
The Equity Group Inc. |
Michel Atwood |
|
Karin Daly |
Chief Financial Officer |
|
Investor Relations Counsel |
(212) 983-2640 |
|
(212) 836-9623 / kdaly@equityny.com |
www.interparfumsinc.com |
|
www.theequitygroup.com |
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