Inter Parfums H1 Profit Rises; Raises Annual Targets

(RTTNews) - Inter Parfums Inc. (IPAR) reported that net income for the first-half of 2013 increased to 35.3 million euros from 18.9 million euros in the same period last year.

Sales for the period grew to 218.5 million euros from 208.9 million euros in the previous year.

Based on summer sales and prospects for the new Repetto and Boucheron lines in the fall, the company now anticipate annual revenue for 2013 of 335 million euros. As for next year, with continuing expansion by existing lines and a sustained program of launches, growth, excluding Burberry sales of 2013, could reach 15%-20% for a full-year revenue target of 280 million euros in 2014.

On the strength of reported results, the company said it once again raise its targets. On that basis, operating income may now reach approximately 47 million euros - 48 million euros leading to an exceptionally high margin of 14%. For 2014, in a more normal year, the company has set an operating margin target of 10%-11%.