8-K
INTERPARFUMS INC (IPAR)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
January 24, 2022
InterParfums, Inc.**
(Exact name of Registrant as specified in its charter)
| Delaware | 0-16469 | 13-3255609 |
|---|---|---|
| (State or other jurisdiction<br> of<br><br> incorporation or organization) | Commission<br><br> File Number | (I.R.S. Employer<br><br> Identification No.) |
551Fifth Avenue,New York, New York 10176
(Address of Principal Executive Offices)
212.
983.2640
(Registrant's Telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2 below):
| ☐ | Written communications<br> pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting Material<br> pursuant to Rule 14a-12 under the Exchange Act (17 CFR 280.14a-12) |
| --- | --- |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 280.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 280.13e-4(c)) |
| --- | --- |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§280.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common<br> Stock, $.001 par value per share | IPAR | The<br> Nasdaq Stock Market |
Item2.02 Results of Operations and Financial Condition
Certain portions of our press release dated January 24, 2022, a copy of which is annexed hereto as Exhibit no. 99.1, are incorporated by reference herein, and are filed pursuant to this Item 2.02. They are as follows:
| ● | The 1^st^<br> through 3^rd^ full paragraphs and portions of the 4^th^ paragraph relating to net sales for the fourth<br> quarter of 2021 and the full year ended December 31, 2021 |
|---|
Item7.01. Regulation FD Disclosure
Certain portions of our press release dated January 24, 2022, a copy of which is annexed hereto as Exhibit no. 99.1, are incorporated by reference herein, and are filed pursuant to this Item 7.01 and Regulation FD. They are as follows:
| ● | Portions of the 4^th^ paragraph relating<br> to new product launches and anticipated growth for 2022 |
|---|---|
| ● | The 5^th^ paragraph relating to 2021<br> guidance and 2022 guidance |
| --- | --- |
| ● | The 7^th^ paragraph relating to forward<br> looking information |
| --- | --- |
| ● | The balance of such press release not otherwise<br> incorporated by reference in Item 2.02. |
| --- | --- |
Item9.01 Financial Statements and Exhibits.
| 99.1 | Our press release dated January 24, 2022 |
|---|
1
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and authorized this report to be signed on its behalf by the undersigned.
Dated: January 24, 2022
| Inter Parfums, Inc. | |
|---|---|
| By: | /s/<br> Russell Greenberg |
| Russell Greenberg, | |
| Executive Vice President | |
| and Chief Financial Officer |
2
| Exhibit 99.1 |
|---|
FORIMMEDIATE RELEASE
INTERPARFUMS, INC. REPORTS RECORD 2021 FOURTH QUARTER AND FULL YEAR NET SALES
Increases2021 EPS Guidance and Raises 2022 Guidance
New York, New York, January 24, 2022 Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that for the three months ended December 31, 2021, net sales rose to a record $210.8 million, a 15% increase from the fourth quarter of 2020, and 19% ahead of the fourth quarter of 2019. At comparable foreign currency exchange rates, consolidated fourth quarter net sales increased 15% from the fourth quarter of 2020 and 14% compared to the fourth quarter of 2019. Of note, the average dollar/euro exchange rates for the 2021, 2020 and 2019 fourth quarters were 1.14, 1.19 and 1.11, respectively. For the 2021 full year, net sales rose to $879.6 million, up 63% and 23% compared to $539.0 million in 2020 and $713.5 million in 2019. Inter Parfums plans to issue results for the 2021 fourth quarter and full year on or about, Monday, March 1, 2022.
NetSales:
| Three months ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | 2021 | 2020 | 2019 | 21vs 19% | |||||
| European based product sales | $ | 136.2 | $ | 139.6 | $ | 129.1 | 6 | % | |
| United States based product sales | 74.6 | 44.4 | 48.7 | 53 | % | ||||
| $ | 210.8 | $ | 184.0 | $ | 177.8 | 19 | % |
NetSales:
| Year ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (in millions) | 2021 | 2020 | 2019 | 21vs 19% | |||||
| European based product sales | $ | 663.2 | $ | 422.9 | $ | 542.1 | 22 | % | |
| United States based product sales | 216.4 | 116.1 | 171.4 | 26 | % | ||||
| $ | 879.6 | $ | 539.0 | $ | 713.5 | 23 | % |
Jean Madar, Chairman & CEO of Inter Parfums stated, “2021 was the best year in our history. Sales were at an all-time high. GUESS became our fourth brand with sales in excess of $100 million, joining Montblanc, Jimmy Choo and Coach. As compared to 2019, Montblanc’s 2021 sales grew by 7%, Jimmy Choo by 34%, and both Coach and GUESS by 41%. There were also significant gains made by our mid-sized brands, especially Abercrombie & Fitch, Hollister, Oscar de la Renta, Van Cleef & Arpels and Karl Lagerfeld. We also welcomed first time sales by our newest brands, notably Kate Spade, MCM, Ferragamo, and Moncler. Our largest market, North America achieved sales growth of 50% compared to 2019, while Western Europe and Asia grew sales by 9% and 15%, respectively, compared to 2019. Latin America and Eastern Europe also achieved top line growth of 22% and 26%, respectively, and only the Middle East had a decline in sales compared to 2019.”
Mr. Madar noted, “The new year has begun on a strong note. We have completed the integration of the Ferragamo and Ungaro brands and our new Italian subsidiary is now staffed and fully operational. We have a solid line-up of new product launches in the pipeline for many of our other brands. This includes the roll out of the first Moncler fragrance line in a series of selective points of sale that faithfully respect the brand’s image. An entirely new men’s collection for GUESS is scheduled for introduction in the spring. Extensions of the Montblanc Legend, Jimmy Choo Man and Jimmy Choo’s I Want Choo, debut in the first, second and third quarters, respectively. Also, in the third quarter, we will unveil new men’s lines for Coach and Boucheron. Brand extensions and flankers are in the works for MCM, Abercrombie & Fitch, Hollister, Anna Sui, and Oscar de la Renta. Lastly, we will be adding the Donna Karan and DKNY fragrance brands to our portfolio come this summer. In sum, 2022 has all the earmarks of another superb year as the growth catalysts currently far outweigh the headwinds, most notably limited travel retail business and supply chain disruptions.”
RaisesGuidance
Russell Greenberg, Executive Vice President & CFO noted, “With better-than-expected sales in the final quarter of the year, we’ve increased our guidance for 2021 net income per diluted share from $2.45 to $2.65. We are also raising our 2022 guidance and now look for net sales of $975 million resulting in net income per diluted share of $3.00. Our 2022 guidance assumes that the average dollar/euro average exchange rate remains at current levels and there is no significant resurgence of the COVID-19 pandemic.”
Founded in 1982, Inter Parfums, Inc. develops, manufactures and distributes prestige perfumes and cosmetics as the exclusive worldwide licensee for Abercrombie & Fitch, Anna Sui, Boucheron, Coach, Dunhill, Ferragamo, Graff, GUESS, Hollister, Jimmy Choo, Karl Lagerfeld, Kate Spade, MCM, Moncler, Montblanc, Oscar de la Renta, S.T. Dupont, Ungaro, and Van Cleef & Arpels. Inter Parfums is also the owner of Lanvin fragrances and the Rochas brand. Through its global distribution network, the Company’s products are sold in over 120 countries.
Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases, you can identify forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would," or similar words. You should not rely on forward-looking statements, because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2020 and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.
| Contact at Inter Parfums,<br> Inc. | -or- | Investor Relations Counsel |
|---|---|---|
| Russell Greenberg, Exec. VP & CFO | The Equity Group Inc. | |
| (212) 983-2640 | Devin Sullivan (212) 836-9608/dsullivan@equityny.com | |
| rgreenberg@interparfumsinc.com | Linda Latman (212) 836-9609/llatman@equityny.com | |
| www.interparfumsinc.com | www.theequitygroup.com |