Interparfums — Earnings Release 2009

Sep 7, 2009

Solid performances in the 2009 first-half Operating margin: 12.4% Net margin: 9.5%

In the 2009 first-half, despite the drop in worldwide consumption and continued inventory reductions by distributors, the Group confirmed its resilience with a decline in sales limited to 5%. This performance reflected continued sales by the brand portfolio's existing lines combined with the launch of new men's lines, notably under the Burberry and Lanvin brands.

€ millions	H1 08	H1 09	09/08
Sales	128.3	121.3	-5%
Gross margin	76.8	71.6	-7%
% of sales	59.9%	59.0%
Operating profit	17.7	15.0	-15%
% of sales	13.8%	12.4%
Net income	11.2	11.5	+3%
% of sales	8.7%	9.5%

In line with its development strategy, the Group pursued its expansion through targeted marketing and advertising initiatives by country and brand while maintaining tight control over costs. On this basis, first-half operating profit was €15 million with an operating margin that remained at a satisfactory level of 12.4%.

The revaluation of hedging instruments combined with the decline in the tax rate had a positive impact on net

Philippe Benacin, President and Chief Executive Officer, declared: «In a particularly challenging environment, Inter Parfums has successfully demonstrated both the effectiveness of its business model and its resilience. It will pursue its expansion in the luxury segment, driven by its established reputation for creative know-how, permanent spirit of initiative and highly qualified teams. With a sustained program of launches for all brands of the portfolio, 2010 should represent a year of significant revenue growth.»

income that came to €11.5 million in the 2009 first half, up 3% in relation to the same period last year. The net margin was 9.5%.

The Group's financial position at June 30, 2009 remained excellent with:

■ net cash of €22 million, followed by a significant increase in recent months (€32 million at August 31, 2009),

■ limited net debt of €24.5 million,

■ shareholders' equity of almost €160 million.

Efforts undertaken to reduce inventory levels and optimize trade receivables management have also produced results: operating cash flow increased significantly from a net outflow of €19.7 million in the 2008 first-half to a net inflow of €8.5 million for the first six months of 2009.

Furthermore, on September 1, 2009, in light of its commercial development that has failed to meet expectations, Quiksilver and Inter Parfums decided by mutual agreement to terminate their collaboration on June 30, 2010 before the expiration date of this agreement. This measure will have no financial impact on either of the parties.

Paris, September 7, 2009

Philippe Santi, Executive Vice President, added:

« Our rigorous management approach, developed year after year, has made it possible to maintain margins at particularly high levels for the current economic environment. In addition, our strong balance sheet with no debt represents a significant advantage for pursuing our development and strategy of external growth ».

Upcoming events	Publication of 2009 third-quarter sales October 22, 2009 (after the close of trading)	Actionaria trade show November 20 & 21, 2009
Shareholder information Tel.: +33 1 53 77 00 99	Investor relations - Inter Parfums SA Philippe Santi, tel.: +33 1 53 77 00 00 psanti@inter-parfums.fr	Media relations - RLPV Conseil Cyril Levy-Pey, tel.: +33 6 08 46 41 41 clevypey@inter-parfums.fr	ITP LISTED NYSE
www.inter-parfums.fr	Codes: Reuters IPAR.PA - Bloomberg ITP - ISIN FR0004024222-ITP Index: CAC Small 90, SBF 250		EURONEXT SM