NEW YORK Inter Parfums, a prestige perfume and cosmetics manufacturer, reported fourth-quarter net sales rose 32 percent to $119.4 million for the period ended Dec. 31, 2007, up from $90.2 million in the same period a year ago. Net income for the quarter rose 57 percent to $8.6 million.
"As did many of our peers, we entered the fourth quarter of 2007 with much trepidation, and looked to contain costs and brace for a turbulent holiday season," stated Jean Madar, chairman of the board and chief executive officer. "With fourth-quarter sales far exceeding our expectations, fourth-quarter profits came in considerably better than anticipated, and as a result, our net income and diluted earnings per share surpassed our prior 2007 guidance."
For the full year, Inter Parfums reported record net sales of $389.6 million, up 21 percent from $321.1 million in 2006. Net income for the year increased 34 percent to $23.8 million from $17.7 million in 2006. A 15 percent increase in U.S.-based sales, which approximated $58.8 million, was due to Inter Parfums' specialty retail business with Gap, Banana Republic and New York & Company.
"With regard to U.S.-based operations, among the highlights of the past year was the launch and rollout of personal care, fragrance, grooming and home fragrance products that we developed for Gap stores in North America," Madar stated. Inter Parfums also rolled out a line with New York & Company and signed an agreement in November with Brooks Brothers to produce personal care products for the chain.