Inter Parfums delivered an outstanding performance in Q3, with net sales surging by 31%. The fragrance giant experienced double-digit growth in North America, Western Europe, and Asia, especially in the recovering Chinese market. Net sales reached an impressive $368 million for the quarter, with North America leading at 29%, followed by Western Europe at 24%, and Asia at 20%.
Inter Parfums also reported a remarkable 28% increase in net income, reaching $53 million for the quarter. The positive trends were attributed to the robust fragrance industry, strong demand for their brands, and successful product launches. The strategic management of stock levels in China, particularly for Coach, Montblanc, and Ferragamo, is expected to yield favorable results in 2024.
Looking ahead, Inter Parfums is poised for further growth in 2024, leveraging recent license acquisitions like Roberto Cavalli and Lacoste. The company reaffirmed its FY2023 net sales guidance of $1.3 billion, representing a 20% growth from FY2022. The increased earnings per diluted share guidance, now at $4.75, showcases a 26% growth from $3.78 for FY2022. This robust performance comes despite geopolitical tensions and a high base in the fourth quarter of 2022.