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The licensed fragrance manufacturer had originally targeted an operating margin of between 7 and 8%. However, after recording sales in the last quarter well ahead of expectations, the company this Tuesday raised its operating margin to over 11% for the full year 2020.
For the year as a whole, Interparfum’s sales declined by 24% to €367.4 million, but increased by 1% at current exchange rates and by 3% at constant exchange rates during the fourth quarter, which alone posted sales of €117 million.
These results thus enabled the company to climb by more than 6% this Tuesday on the Paris Stock Exchange, to 42.35 euros.
These figures thus show a return to normal for the perfumery and cosmetics sector, with a more sustained activity at the end of the year.
“The flexibility of our business model has allowed us to adapt the level of our spending throughout the year. Based on the additional sales generated at the end of the year, our operating margin for the full year 2020 should exceed 11%” said Philippe Santi, Chief Financial Officer.
Interparfum has a portfolio of licences for prestigious brands. For its 2020 financial year, Montblanc maintained its first place with €100 million in annual revenue (-29%),while Coach held up better (-6% to €81.1 million), becoming the second brand ahead of Jimmy Choo (-29% to 73.8 millions euros).
In terms of regions, North America dominated the market with 16% growth in the fourth quarter thanks to the success of Coach fragrances. The Middle East and South America also contributed to the company’s rebound with growth of 22% and 10% respectively.
However, the recovery has been much more complicated for regions such as Eastern Europe. In France, the perfumery and cosmetics market was down 20% but was able to resist thanks to the good performance of Rochas and Montblanc. In Russia, Lanvin fragrances declined by more than 50%.
“Interparfums reassures as for the good performance of the perfume industry and the good behaviour of its brands in this market, but it also renews its habit of beating its guides’, greets the analyst, who adjusts its forecasts upwards significantly. Even if it is probably only a growth linked to the mechanical rebound of the market and the sale-in, the return to the Q4 2019 turnover level is clearly unexpected and positive, knowing that the prospect of the Moncler launch in 2022 supports the visibility” according to Oddo BHF.
Lire aussi > FRANCE’S INTERPARFUMS RAISES 2020 REVENUE FORECAST TO OVER 340 MILLION EUROS
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The licensed fragrance manufacturer had originally targeted an operating margin of between 7 and 8%. However, after recording sales in the last quarter well ahead of expectations, the company this Tuesday raised its operating margin to over 11% for the full year 2020.
For the year as a whole, Interparfum’s sales declined by 24% to €367.4 million, but increased by 1% at current exchange rates and by 3% at constant exchange rates during the fourth quarter, which alone posted sales of €117 million.
These results thus enabled the company to climb by more than 6% this Tuesday on the Paris Stock Exchange, to 42.35 euros.
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The licensed fragrance manufacturer had originally targeted an operating margin of between 7 and 8%. However, after recording sales in the last quarter well ahead of expectations, the company this Tuesday raised its operating margin to over 11% for the full year 2020.
For the year as a whole, Interparfum’s sales declined by 24% to €367.4 million, but increased by 1% at current exchange rates and by 3% at constant exchange rates during the fourth quarter, which alone posted sales of €117 million.
These results thus enabled the company to climb by more than 6% this Tuesday on the Paris Stock Exchange, to 42.35 euros.
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