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Interparfums — Earnings Release 2011
Apr 28, 2011
1445_iss_2011-04-28_3f02f99d-979a-4389-9a42-27b2fe7e451e.pdf
Earnings Release
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Sustained growth momentum in the 2011 first-quarter Sales: €89 million, up 13.5%
Interparfums grew again in the first quarter of 2011 with consolidated sales of €88.9 million, up 13.5% at current exchange rates and €12.1% at constant exchange rates from the same period in 2010.
This growth was driven by solid performances by the portfolio's main brands combined with strong demand for Jimmy Choo and Montblanc fragrances.
| € millions |
Q1 10 |
Q1 11 |
11/10 |
|---|---|---|---|
| Burberry | 52.7 | 48.7 | -8% |
| Lanvin | 10.4 | 14.0 | +35% |
| Jimmy Choo |
- | 7.0 | na |
| Montblanc | - | 6.2 | na |
| Van Cleef & Arpels |
6.4 | 5.2 | -19% |
| Paul Smith |
2.9 | 3.6 | +24% |
| S.T. Dupont |
4.1 | 3.2 | -23% |
| Nickel | 0.6 | 0.6 | ns |
| Other | 1.3 | 0.4 | ns |
| Total | 78.4 | 88.9 | +13.5% |
ns: not significant; na: not applicable.
Highlights by brand
Continued growth by Burberry fragrances' main lines contributed to sales of close to €50 million. The modest decline, in line with expectations, reflects an unfavourable comparison base attributable to the launch of the Burberry Sport line in the 2010 first-half. Second half sales will be boosted by the worldwide launch of a major women's line in the fall contributing to significant full year growth for the brand in 2011.
With sales of €14 million, an increase of nearly 35%, Lanvin fragrances marked further gains, now underpinned by three lines with strong momentum, Eclat d'Arpège, Jeanne Lanvin and Marry Me !, launched in 2010.
The extremely promising start for the first Jimmy Choo fragrance line generated €7 million in sales despite inventory shortages in response to strong demand on initial order renewals.
Montblanc fragrances had sales of more than €6 million, significantly over the budget set at the start of the year, based on steady performances by the brand's historic lines integrated into the portfolio at the end of 2010 and the launch of the men's line, Legend.
The decline of Van Cleef & Arpels fragrances also reflects a high comparison base that includes the successful launch of Oriens the women's line in the 2010 first-quarter.
Highlights by region
Certain markets experienced strong growth in the first quarter:
n South America (9% of total sales) grew 97% on the strength of gains by Montblanc fragrances;
n Eastern Europe (8%) was up by more than 37% on performances by Lanvin fragrances;
n France (9%) expanded 16% on gains by Jimmy Choo and Lanvin fragrances.
Market positions were consolidated in North America, Asia and Eastern Europe while the decline in sales in the Middle East was limited to 11%.
Renewal of the S.T. Dupont license agreement
The 11 year license agreement signed in June 1997 between S.T. Dupont and Interparfums for the creation, development and distribution of fragrancelines had initially been extended in 2006 for an additional 3 years until 30 June 2011.
On 26 April 2011, this license agreement was renewed for 5 ½ years to 31 December 2016 on the basis of contractual terms and conditions favourable to both parties.
Paris, 28 April 2011
Upcoming events:
2011 second-quarter sales 26 July 2011 (before the opening of the NYSE-Euronext Paris stock exchange)
Shareholder information Tel.: +33 1 53 77 00 99
Interparfums Philippe Santi +33 1 53 77 00 00 [email protected]
Media relations - RLPV Conseil Cyril Levy-Pey +33 6 08 46 41 41 [email protected]
www.interparfums.fr Codes: Reuters IPAR.PA, Bloomberg ITP, ISIN FR0004024222-ITP Indices: CAC Small, SBF 250