Inter Parfums revenue rose 24% to $1,087 million. The company’s operating income rose 31% to $194 million.
The company’s net income rose 38 percent to $121 million, and diluted earnings per share rose 38 percent to $3.78 per share.
Fourth-quarter net sales rose 47 percent to $311 million and net income $17 million, while diluted earnings per share were 52 cents.
Inter Parfums increases revenue
Commenting on the company’s performance, Jean Madar, president and CEO of Inter Parfums, Inc. noted: “2022 was a milestone year as we surpassed $1 billion in net sales, with all regions contributing to our growth. Our largest region, North America, saw sales growth of 22%, followed by Western Europe and Asia, where sales increased by 28% and 19%, respectively.
Madar added saying, “There was also a strong performance from the Middle East and Latin America with sales increasing by 44 percent and 24 percent, respectively. Even Eastern Europe achieved modest sales growth of 6%, despite the armed conflict in Ukraine and sanctions in Russia. With the exception of China, our travel retail business has recovered to near pre-pandemic levels.”
“The strength of the dollar masked earnings from our European operations in 2022, which were up 12 percent in US dollars and 20 percent in constant currency. All major brands, including Montblanc, Jimmy Choo, Coach, grew by double digits and net sales also increased from a full year Moncler. our debut product for the brand launched in late 2021,” Madar added.
The company said Guess brand sales were up 24%, Oscar de la Renta up 19%, Abercrombie & Fitch up 28% and Hollister up 16%. Stripping out newly added brands, 2022 sales were up 24%.
The company expects 2023 net sales to be about $1.2 billion, 10 percent above 2022 net sales. Likewise, the company is raising its guidance for diluted earnings per share to $4, up 6 % by 2022. The company’s previous guidance called for net sales of $1.15 billion and diluted earnings per share of $3.75.
Inter Parfums also announced that its board of directors approved a 25% increase in the company’s annual cash dividend rate to $2.50 per share, payable quarterly.