First-quarter profits at perfume maker Inter Parfums Inc. have increased 20.7 percent to US $6.6 million, or 22 cents a diluted share, from US $5.4 million, or 18 cents, in the prior-year period, meeting the expectations of Wall Street analysts.Looking ahead, Jean Madar, chairman and CEO of Inter Parfums Inc., said the firm will begin distributing Montblanc’s “legacy” fragrances on July 1 and are planning a new Montblanc fragrance for 2011. He also confirmed that the firm’s first Burberry cosmetics collection will be launched in a highly limited distribution network in July.
Madar also stated, “We are in discussions with a number of brand owners and … remain confident that we will be able to further expand our portfolio this year.” Click here to read more at WWD.
Jeweller Bulgari SpA reported a narrower first-quarter loss on rising sales of necklaces and perfume. Bulgari shares also rose 4.4 percent.
The net loss narrowed to 8.3 million euros (US $10.7 million) from 29.3 million euros a year earlier, a Bulgari spokesperson said in an emailed statement.
According to a Bloomberg article, first-quarter sales at its watch and jewellery unit surged 33 percent, helped by an increase in wholesale orders.
Bulgari’s CEO, Francesco Trapani, also confirmed once again that the company is not for sale, saying, “We have never put ourselves up for sale and no one in truth has ever made us an offer.”
Inter Parfums Logo courtesy of WWD.com.
