Inter Parfums experiences a 21% increase in sales in 2023

On Tuesday, Inter Parfums declared that they ended the year 2023 with a remarkable rise of 21% in net sales, owing to the heightened demand and strategic growth drives.

The fragrance behemoth based in New York reported a total net sale of $1.318 billion for the year, wrapping up on December 31, 2023. Their primary markets, North America, Europe, and Asia, recorded sales increments of 22%, 21%, and 17% respectively. The Middle East market demonstrated a 22% rise in sales, and Central and South America witnessed a remarkable boost of 33%.

Jean Madar, Inter Parfums' chairman and chief executive officer, reported that the continuous demand for their brands, effective holiday season sales, and a vibrant perfume market contributed to a robust fourth quarter in 2023 and record-breaking overall net sales and earnings for the full year.

He also pointed out that each of their three largest brands exceeded $200 million in sales for the very first time. They witnessed significant growth in leading brands like Jimmy Choo, Montblanc, and Coach, marking sales increments of 19%, 15%, and 25% respectively. The brand Guess, currently their fourth largest, recorded a promising rise of 23% in sales, showing potential for further growth in the future.

For the full year, diluted earnings per share reached to $4.75, showing a solid growth of 26% as compared with the year 2022.

Moreover, in the fourth quarter of 2023, the company had net sales amounting to $329 million, which is a 6% rise from the corresponding period in 2022. However, the Diluted Earnings Per Share was $0.32, showing a decrease of 37% as compared to the fourth quarter of 2022.

In line with its 2024 forecast, the company is expecting to reach net sales of $1.45 billion and $5.15 earnings per diluted share, hinting towards a significant boost in both parameters.