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Interparfums Earnings Release 2022
1445_10-q_2022-10-25_4ee5d63a-ded7-405b-9c42-625a56fee5ba.pdf
Earnings Release
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2022 third-quarter sales: €195m
Interparfums achieved a record performance in the third quarter with sales of nearly €200m, exceeding expectations by maintaining the momentum of the previous quarters based on the continuing strength in demand for the Group's top-selling brands. Consolidated sales for the first nine months of 2022 rose accordingly to €514m, up 16.5% at current exchange rates and 10% at constant exchange rates in relation to the same period in 2021.
Highlights by brand – 9 months
| €m | Q3 | 9 months | ||||
|---|---|---|---|---|---|---|
| 2021 | 2022 | 22/21 | 2021 | 2022 | 22/21 | |
| Montblanc | 44.3 | 48.9 | +11% | 113.7 | 135.8 | +19% |
| Jimmy Choo | 44.0 | 57.8 | +32% | 104.1 | 127.8 | +23% |
| Coach | 42.4 | 43.5 | +3% | 94.8 | 111.2 | +17% |
| Lanvin | 15.8 | 10.7 | -32% | 42.5 | 37.5 | -12% |
| Rochas | 8.1 | 10.1 | +25% | 25.7 | 28.0 | +9% |
| Other brands | 20.2 | 24.3 | +20% | 60.3 | 73.7 | +22% |
| Total sales | 174.8 | 195.3 | +11.7% | 441.1 | 514.0 | +16.5% |
- Montblanc fragrances recorded sales of nearly €136m, up 19%, and continuing to be driven by the strength of all Montblanc Legend lines, now reinforced by the addition of the Montblanc Legend Red line at the beginning of the year;
- Jimmy Choo fragrances had sales of nearly €128m, up 23%, on particularly strong demand for all the established lines, the continued success of the I Want Choo line launched in 2021, and the launch of new flankers, I Want Choo For Ever and Jimmy Choo Man Aqua introduced in 2022;
- Driven by continuing growth in demand for almost all Coach women's and men's lines launched in recent years and the recent launch of the Coach Wild Rose women's line and the Coach Open Road men's line, Coach fragrances recorded sales of €111m, up 17%;
- Reflecting its historically strong presence in Eastern Europe, Lanvin fragrances experienced a 12% decline in sales linked to the current context;
Philippe Benacin, Chairman and CEO, commented: "Despite the international context and continuing pressure on supply chains, we succeeded in achieving a record performance in the third quarter and the attractiveness of our brands remains intact. Based on the level of October's sales and a backlog of orders that remains high, we have thus raised our guidance for 2022 fullyear revenue to €640m-€650m."
Paris, October 25, 2022
Finally, Rochas fragrances grew nearly 10% on the strength of the Eau de Rochas and Rochas Girl lines, the latter distinguished by yet another eco-responsible award in 2022.
Highlights by region – 9 months
| €m | Q3 | 9 months | ||||
|---|---|---|---|---|---|---|
| 2021 | 2022 | 22/21 | 2021 | 2022 | 22/21 | |
| Africa | 1.0 | 1.6 | +60% | 3.8 | 3.8 | - |
| North America | 79.5 | 84.1 | +6% | 180.8 | 194.7 | +8% |
| South America | 11.4 | 13.3 | +17% | 32.6 | 41.7 | +28% |
| Asia | 21.4 | 22.8 | +6% | 63.7 | 77.8 | +22% |
| Eastern Europe | 14.6 | 14.1 | -4% | 38.1 | 33.5 | -12% |
| Western Europe | 30.3 | 36.2 | +19% | 68.2 | 91.3 | +34% |
| France | 9.0 | 9.5 | +6% | 25.6 | 28.7 | +12% |
| Middle East | 7.6 | 13.7 | +80% | 28.3 | 42.5 | +50% |
| Total sales | 174.8 | 195.3 +11.7% | 441.1 | 514.0 | +16.5% |
- North America, with a perfumes and cosmetics market that is continuing to grow, delivered a mixed performance with an 8% increase in sales reflecting shipping difficulties in the first half;
- South America (+28%) and the Middle East (+50%) are gradually returning to higher levels of growth centered upon the portfolio's top-selling brands;
- Even though lockdown measures in certain cities temporarily impacted business over the last few months in China, Coach, Jimmy Choo and Lanvin fragrances are driving growth in Asia (+22%);
- The war in Ukraine has inevitably weighed on business in Eastern Europe, though the resulting decline was limited to 12% and concerned mainly Lanvin fragrances;
- Montblanc and Jimmy Choo fragrances experienced particularly robust growth in Western Europe (+34%);
- In France, the performances of Rochas fragrances in particular contributed to growth of 12% in the period.
Philippe Santi, Executive Vice President and CFO, added: "The increase in sales prices applied at the beginning of 2022 to offset the higher costs of raw materials and packaging, combined with the US dollar's appreciation, will contribute to improving our gross margin in 2022. Based on these factors, we have also raised
our operating margin target to 17% for the full year."
Upcoming events
2023 outlook November 22, 2022
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
Interparfums 10 rue de Solférino 75007 Paris Tel. +33 (0)1 53 77 00 00
This press release is available in French and English on the company's website interparfums-finance.fr
ISIN : FR0004024222-ITP Reuters : IPAR.PA Bloomberg : ITP Euronext Compartment A Eligible for Deferred Settlement Service (SRD) Eligible for PEA Index - SBF 120, CAC Mid 60