Inter Parfums announced that 2006 first quarter net sales were $70.9 million, down slightly from $71.1 in the first quarter of last year. At comparable foreign currency exchange rates, net sales for the first quarter are up 5.5 percent.
The strength of the U.S. dollar gave rise to the difference between constant dollar and actual net sales for the first quarter. Inter Parfums plans to release operating results for the 2006 first quarter on or about May 10, 2006.
Jean Madar, Chairman & CEO of Inter Parfums noted, “Across all fragrance families, Lanvin sales continued to show strength during the first quarter. Also contributing to first quarter sales was the initial launch of Burberry London for women in the U.S. and much of Europe.”
Management reaffirmed its full year 2006 guidance projecting net sales of approximately $301 million and net income of approximately $16.9 million or $0.83 per diluted share. The Company again pointed out that effective January 1, 2006, it has adopted SFAS 123(R) “Share-Based Payment,” a new accounting pronouncement requiring the expensing of stock based compensation.
Earnings guidance for 2006 includes an after tax charge of approximately $0.6 million or $0.03 per diluted share to reflect the impact of SFAS 123(R). Inter Parfums indicated that its guidance assumes the dollar remains at current levels.
Inter Parfums develops, manufactures and distributes prestige perfumes and cosmetics as the exclusive worldwide licensee for Burberry, Lanvin, Paul Smith, S.T. Dupont, Christian Lacroix, Celine, Diane von Furstenberg and Quiksilver/Roxy and has controlling interest in Nickel S.A., a men's skin care company.
Its entry into the specialty retail market was accomplished with an exclusive agreement with Gap Inc., under which it is designing and manufacturing personal care products for Gap's and Banana Republic's North American stores. Inter Parfums is also a producer and supplier of mass market fragrances, cosmetics and personal care products. The Company's products are sold in over 120 countries worldwide.
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