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Prestige product sales perk up Inter Parfums Q2 gross margin

Aug '05
New York based leading perfume maker and distributor Inter Parfums Inc reported second quarter 2005 results.

Second Quarter 2005 Compared to Second Quarter 2004:

-Net sales increased 31 percent to $61.3 million from $46.7 million. At comparable foreign currency exchange rates, second quarter net sales were 28 percent ahead of last year's second quarter;

-Gross margin rose to 56 percent of net sales, as compared to last year's 51 percent; the increase is primarily due to the continued growth in higher margin prestige product sales; S, G & A as a percentage of sales rose to 45 percent from 36 percent for the corresponding period of the prior year; and,

-Net income declined 6 percent to $3.2 million or $0.16 per diluted share from $3.4 million or $0.17 per diluted share.

-Net sales for the six months ended June 30, 2005 increased 26 percent to $132.4 million from $105.1 million in the first half of 2004; in constant dollars, net sales were up 24 percent for the period. Net income for the first half of this year was $7.6 million or $0.37 per diluted share as compared to $8.2 million or $0.40 per diluted share in the first half of 2004.

Jean Madar, Chairman & CEO, stated, "Prestige product sales, which represented 88 percent of net sales, increased 44 percent over last year's second quarter, while mass market sales declined 19 percent. As reported last month, much of top line growth is due to Burberry fragrances. The balance is due to the inclusion and strong performance of Lanvin fragrances, latest Paul Smith and Celine fragrances which were launched in the third quarter 2004 and second quarter 2005, respectively, and higher sales of Nickel products, particularly in Europe. "

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