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Interparfums — Earnings Release 2019
Apr 25, 2019
1445_10-q_2019-04-25_f244aada-82aa-4f12-ab60-fd60225a8d99.pdf
Earnings Release
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Business volumes in line with expectations for the 2019 first quarter
Paris, April 25, 2019
Consolidated first-quarter sales reached €126.6 million, up 4.1% at current exchange rates and 0.3% at constant exchange rates from the same period in 2018.
Interparfums got off to a good start for the year, bolstered by Montblanc and Jimmy Choo fragrances, meeting expectations with growth of 19% and 36% respectively. These good performances were nevertheless mitigated by Coach fragrances' technical decline, reflecting the high base effect from the strong surge in sales between 2017 and 2018.
| €m | Q1 18 | Q1 19 | 19/18 |
|---|---|---|---|
| Montblanc | 34.2 | 40.7 | +19% |
| Jimmy Choo | 19.6 | 26.7 | +36% |
| Coach | 22.4 | 18.8 | -16% |
| Lanvin | 16.0 | 14.0 | -12% |
| Rochas | 8.5 | 8.0 | -6% |
| Boucheron | 5.4 | 6.3 | +17% |
| Van Cleef & Arpels | 4.6 | 4.1 | -11% |
| Karl Lagerfeld | 3.3 | 2.7 | -19% |
| Other brands | 7.1 | 4.8 | ns |
| Fragrance sales | 121.1 | 126.1 | +4% |
| Rochas fashion royalties | 0.5 | 0.5 | ns |
| Total sales | 121.6 | 126.6 | +4% |
ns : not significant
Highlights by brand
Growth by Montblanc fragrances accelerated in the period with sales of more than €40 million, up 19%, driven by the excellent start of the Montblanc Explorer line, the brand's 3rd men's opus, but also a solid performance by the Montblanc Legend line;
The launches of Jimmy Choo Man Blue and Jimmy Choo Fever lines in 2018, and the Jimmy Choo Floral line in early 2019 fuelled further gains by Jimmy Choo fragrances which grew 36% in the period with sales of €26.7 million.
Coach fragrances consolidated their positions with sales of nearly €19 million, with a technical decline reflecting the extremely strong growth (+200%) in the 2018 first quarter linked to the different juices launched in 2017 and 2018. A 6th juice of the Coach line will provide a boost to the brands' sales starting in the second quarter;
With sales of €14 million, Lanvin fragrances contracted marginally in the absence of a major initiative in the period and pending the imminent launch of A Girl in Capri that will bolster the offering in the 2nd quarter;
After Mademoiselle Rochas Eau de Parfum in 2017, Mademoiselle Rochas Eau de Toilette in 2018, the Mademoiselle Rochas Couture line will add to Rochas' sales.
Highlights by region
Revenue in the quarter was driven by sustained growth in North America (+7%) and gains in Western Europe (+8%). The Middle East (+23%) benefited from the good performances by Montblanc, Jimmy Choo and Boucheron fragrances.
Upcoming event
Publication of 2019 first-half sales July 24, 2019 ( b e fo re t h e o p e n i n g o f E u ro n ex t Pa r i s )
Investor relations and analysts contact
Philippe Santi Executive Vice President [email protected]
Press contact
Cyril Levy-Pey Communication Director [email protected]
Shareholder information
+33 1 53 77 00 99
Philippe Benacin, Chairman and CEO commented: "2019 got off to a good start with sales volumes in line with our expectations supporting our target for full-year revenue of €480 million. The initial market response to Montblanc Explorer's launch has been excellent and appears to confirm the growth potential of this brand."
Interparfums 4 rond-point des Champs Elysées 75008 Paris - France Tel. +33 1 53 77 00 00
Visit us on interparfums.fr
ISIN : FR0004024222-ITP Reuters : IPAR.PA Bloomberg : ITP Euronext Compartment A Eligible for Deferred Settlement Service (SRD) Eligible for PEA PME savings vehicles