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Parlux net sales up by 43% in second quarter
08
Oct '08
Parlux Fragrances Inc announced that net sales for the quarter ended September 30, 2008 are estimated to be $53 million, a 43% increase over the $37 million reported for same period of the prior year, while net sales results for the six months ended September 30, 2008 were estimated at $76 million, compared to $69 million for the comparable prior year period, an increase of approximately 10% over the prior year.

Domestic department store net sales for the quarter ended September 30, 2008 exceeded net sales for the same period of the prior year by approximately 190%, while sales to international customers increased approximately 51% during the quarter ended September 30, 2008, as compared to the same period of the prior year. For the six months ended September 30, 2008, domestic department store and international distributor sales increased by approximately 82% each, when compared to prior year comparable period figures.

Domestic department store sales in the current year periods includes approximately $6.5 million in sales of the new Jessica Simpson fragrance, Fancy, which launched during August 2008, and approximately $1.5 million in sales of the new Paris Hilton fragrance, Fairy Dust, which began shipping in late September 2008. Sales to its related party, Perfumania, for the six months ended September 30, 2008 were down by approximately 33% from the comparable prior year period, decreasing from $30 million to $20 million.

Mr. Neil J. Katz, Chairman and CEO, noted that, "We are very pleased that the inventory problems encountered during our first quarter have been almost completely resolved and we were able to meet customer demand and exceed targeted sales levels for the most recent quarter. Demand for our products continues to be strong in a very difficult economic environment. Sell-through in our domestic department store business has been steadily growing, increasing in some stores by over 100%. Our international business has also increased substantially.

As part of our GUESS? brand building strategy, we recently partnered exclusively with Sephora stores in Europe, and the GUESS? brand has, at times, ranked second in sales at their stores. Shipments and sell-through of the new Jessica Simpson line, Fancy, have been robust in the U.S. department stores and we are currently launching the new Paris Hilton Fairy Dust fragrance for the upcoming holiday season. We continue to see consumer demand for our brands increase, even in light of the very difficult economic environment.

Despite the difficulty in predicting the outcome of the upcoming holiday season, we remain cautiously optimistic. I should note that this very positive outcome is the result of a major financial investment in carefully targeted advertising, promotional and in-store campaigns.

We have also significantly added to and strengthened our department store sales force. I believe that continuing this significant investment of our resources will provide very tangible positive results in the future, as we continue to focus our attention on the long-term growth of our company."

Parlux Fragrances Inc


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