Inter Parfums, Inc. reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Net sales for the third quarter reached $424.6 million, a 15.4% increase from $368.0 million, while year-to-date sales totaled $1,090.8 million, up 10.3% from $988.9 million. The growth was driven by strong demand in the global fragrance market, particularly from new brand acquisitions such as Lacoste and Roberto Cavalli, which contributed approximately 10% to the sales increase.
Gross margin for the third quarter improved to $271.2 million, compared to $235.0 million in the prior year, reflecting a gross profit margin of 63.9%. For the nine-month period, gross margin rose to $694.3 million from $626.4 million, with a margin of 63.6%. The increase in gross profit was attributed to favorable brand and channel mix, particularly in U.S. operations, which saw a gross margin of 59.2% for Q3 2024, up from 55.6% in Q3 2023.
Operating income for the third quarter was $106.0 million, compared to $87.2 million in the same quarter of 2023, while year-to-date operating income increased to $238.8 million from $232.5 million. Net income for the third quarter rose to $76.8 million, up from $66.1 million, although year-to-date net income decreased slightly to $176.7 million from $179.5 million. Net income attributable to Inter Parfums, Inc. for the third quarter was $62.3 million, compared to $53.2 million in 2023, while year-to-date figures showed a decline to $140.1 million from $142.2 million.
The company declared dividends of $0.75 per share for the third quarter, up from $0.625 in the prior year, and increased the annual dividend from $2.50 to $3.00 per share. Total equity as of September 30, 2024, was $985.1 million, compared to $876.9 million a year earlier.
Strategically, Inter Parfums extended its license agreement with Van Cleef & Arpels for an additional nine years starting January 1, 2025, and secured new exclusive licenses for Lacoste and Roberto Cavalli. The company also reported a $2.4 million impairment charge related to the Rochas brand, with no additional impairments required as of September 30, 2024.
Overall, the company’s operational model remains non-capital intensive, relying on third-party fillers for production, and it continues to manage foreign currency risks through forward exchange contracts.
About INTER PARFUMS INC
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