Interparfums’ outlook in France exceeds market forecasts

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FILE PHOTO: Bottles of Rochas perfumes are on display in the office of perfumer Interparfums in Paris, France, November 7, 2016. REUTERS / Philippe Wojazer

(Reuters) – French perfumer Interparfums (IPAR.PA) forecast Tuesday an annual turnover of nearly 300 million euros (354.15 million dollars), pointing to an improvement in order intake which suggests a gradual recovery in activity.

This corresponds to sales of 299.7 million euros expected by analysts in a consensus established by the company.

Interparfums, which develops perfumes as well as cosmetic lines for luxury brands such as Jimmy Choo, Coach and Montblanc, also posted a half-year operating margin of 7.5%, exceeding its own forecast at the end of July by around 5%. .

The group adjusted its expenses, in particular for marketing and advertising campaigns postponed to the second half of the year and 2021.

These results highlight the group’s ability to maintain a good level of profitability even in a degraded environment, said executive vice president and financial director Philippe Santi in a press release.

The company was nonetheless hit hard by the coronavirus pandemic in the first half of the year, as it was forced to close most of its outlets for several weeks.

The group recorded operating income in the first half, down 73% year-on-year, to 10.4 million euros.

The firm, which generates most of its revenue in Europe and North America, initially targeted 500 million euros in revenue in 2020 and an operating margin of 14% to 14.5%, but withdrew its initial forecast in April, citing the uncertainty of the pandemic.

(1 USD = 0.8471 euros)

Reporting by Charles Regnier; Editing by Muralikumar Anantharaman and Clarence Fernandez

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