Inter Parfums sticks to 2009 guidance
This article was originally published in The Rose Sheet
Executive SummaryDespite drop in net sales for the fourth quarter of fiscal 2008 and a still-gloomy economic climate, Inter Parfums is re-affirming its guidance for 2009, projecting sales of $405 mil. and net income of $26 mil., according to Jan. 22 release. "Although consumer confidence and spending are under pressure in light of the global economic downturn and tight credit markets, we remain cautiously optimistic about the future," CEO Jean Madar says, citing faith in Inter Parfums' strong product portfolio. Fourth-quarter sales totaled $100.6 mil., a 16% decline versus the prior-year period and a 9% decline at comparable foreign currency exchange rates. Full-year sales were $446.3 mil., up 15% from 2007. Firm saw strong performance from its European brands; sales of its three largest brands in the region - Lanvin, Burberry and Van Cleef & Arpels - rose 10%, 17% and 77%, respectively. Initiatives for firm's U.S.-based brands include launching a Brooks Brothers fragrance collection in 2008 and rolling out Gap and Banana Republic personal-care offerings to consumers abroad
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