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Inter Parfums (IPAR) Ups 2023 Guidance on Robust Q1 Sales
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Inter Parfums, Inc. (IPAR - Free Report) released record sales numbers for first-quarter 2023. Following the upbeat sales numbers, management raised its top- and bottom-line view for 2023.
The Zacks Rank #1 (Strong Buy) company’s stock has rallied 34.1% in the past three months against the industry’s 0.1% decline.
Closer Look at Q1 Sales
For the three months ended Mar 31, 2023, net sales rallied 24% to $312 million compared with $251 million reported in the year-ago quarter. At comparable foreign currency rates, first-quarter net sales rallied 27% year over year.
Image Source: Zacks Investment Research
During the first quarter, Inter Parfums’ Europe-based product sales came in at $230 million, up 26% from 2022 levels. U.S.-based product sales amounted to $82 million, increasing 19% from first-quarter 2022.
In the company’s European operations sales increased 29% at constant currency or cc with its three largest brands delivering impressive growth. Jimmy Choo, Montblanc and Coach brand sales increased 63%, 28% and 24%, respectively. Apart from this, sales of its various mid-sized brands like Karl Lagerfeld, Boucheron and Rochas generated double-digit sales growth, courtesy of the robust performance of its established lines. IPAR launched several brand extensions namely Jimmy Choo Blossom, Montblanc Signature Absolue and Eau de Rochas Citron Soleil, among others across its European operations.
Growth in its U.S. operations was fueled by the addition and extension of Donna Karan and DKNY to the company’s portfolio. Also, double-digit growth for Ferragamo and Oscar de la Renta was an upside. Management also launched brand extensions for established lines like Abercrombie & Fitch and MCM. However, the implementation of ERP put pressure on the company’s quarterly performance, which impacted GUESS brand.
Raised View
IPAR has been benefiting from the booming fragrance market globally. In this regard, it is gaining market share with sizable demand for its key brands and new licenses. Management is seeing robust opportunity from the reopening of China, especially for the back half of the year. That being said, it continues to witness log jams in procuring some components.
Taking into account the better-than-anticipated first-quarter net sales, management raised its 2023 view. The company expects 2023 net sales to come in at $1.25 billion up from $1.2 billion expected earlier. The company anticipated earnings per share (EPS) of $4.25, up from $4.00 projected earlier. The guidance is based on the assumption of no major resurgence in coronavirus cases and the current level of the average dollar/euro exchange rate.
General Mills, a branded consumer foods company, carries a Zacks Rank #2 (Buy). GIS has a trailing four-quarter earnings surprise of 8.1%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for General Mills’ current fiscal-year sales and earnings suggests growth of 6.3% and 7.4%, respectively, from the corresponding year-ago reported figures.
Beyond Meat, which develops, manufactures, markets and sells plant-based meat products, currently carries a Zacks Rank #2. BYND has a trailing four-quarter negative earnings surprise of 29.3%, on average.
The Zacks Consensus Estimate for Beyond Meat’s current fiscal year earnings suggests an increase of 39.7% from the year-ago reported number.
Kimberly-Clark is engaged in the manufacture and marketing of a wide range of consumer products around the world. It currently has a Zacks Rank of 2. KMB has a trailing four-quarter earnings surprise of 1.4%, on average.
The Zacks Consensus Estimate for Kimberly-Clark’s current financial-year sales and earnings suggests growth of 1.7% and 5.5%, respectively, from the year-ago reported numbers
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Inter Parfums (IPAR) Ups 2023 Guidance on Robust Q1 Sales
Inter Parfums, Inc. (IPAR - Free Report) released record sales numbers for first-quarter 2023. Following the upbeat sales numbers, management raised its top- and bottom-line view for 2023.
The Zacks Rank #1 (Strong Buy) company’s stock has rallied 34.1% in the past three months against the industry’s 0.1% decline.
Closer Look at Q1 Sales
For the three months ended Mar 31, 2023, net sales rallied 24% to $312 million compared with $251 million reported in the year-ago quarter. At comparable foreign currency rates, first-quarter net sales rallied 27% year over year.
Image Source: Zacks Investment Research
During the first quarter, Inter Parfums’ Europe-based product sales came in at $230 million, up 26% from 2022 levels. U.S.-based product sales amounted to $82 million, increasing 19% from first-quarter 2022.
In the company’s European operations sales increased 29% at constant currency or cc with its three largest brands delivering impressive growth. Jimmy Choo, Montblanc and Coach brand sales increased 63%, 28% and 24%, respectively. Apart from this, sales of its various mid-sized brands like Karl Lagerfeld, Boucheron and Rochas generated double-digit sales growth, courtesy of the robust performance of its established lines. IPAR launched several brand extensions namely Jimmy Choo Blossom, Montblanc Signature Absolue and Eau de Rochas Citron Soleil, among others across its European operations.
Growth in its U.S. operations was fueled by the addition and extension of Donna Karan and DKNY to the company’s portfolio. Also, double-digit growth for Ferragamo and Oscar de la Renta was an upside. Management also launched brand extensions for established lines like Abercrombie & Fitch and MCM. However, the implementation of ERP put pressure on the company’s quarterly performance, which impacted GUESS brand.
Raised View
IPAR has been benefiting from the booming fragrance market globally. In this regard, it is gaining market share with sizable demand for its key brands and new licenses. Management is seeing robust opportunity from the reopening of China, especially for the back half of the year. That being said, it continues to witness log jams in procuring some components.
Taking into account the better-than-anticipated first-quarter net sales, management raised its 2023 view. The company expects 2023 net sales to come in at $1.25 billion up from $1.2 billion expected earlier. The company anticipated earnings per share (EPS) of $4.25, up from $4.00 projected earlier. The guidance is based on the assumption of no major resurgence in coronavirus cases and the current level of the average dollar/euro exchange rate.
Solid Staple Bets
Some other top-ranked consumer staple stocks are General Mills (GIS - Free Report) , Beyond Meat (BYND - Free Report) and Kimberly-Clark Corporation (KMB - Free Report) .
General Mills, a branded consumer foods company, carries a Zacks Rank #2 (Buy). GIS has a trailing four-quarter earnings surprise of 8.1%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for General Mills’ current fiscal-year sales and earnings suggests growth of 6.3% and 7.4%, respectively, from the corresponding year-ago reported figures.
Beyond Meat, which develops, manufactures, markets and sells plant-based meat products, currently carries a Zacks Rank #2. BYND has a trailing four-quarter negative earnings surprise of 29.3%, on average.
The Zacks Consensus Estimate for Beyond Meat’s current fiscal year earnings suggests an increase of 39.7% from the year-ago reported number.
Kimberly-Clark is engaged in the manufacture and marketing of a wide range of consumer products around the world. It currently has a Zacks Rank of 2. KMB has a trailing four-quarter earnings surprise of 1.4%, on average.
The Zacks Consensus Estimate for Kimberly-Clark’s current financial-year sales and earnings suggests growth of 1.7% and 5.5%, respectively, from the year-ago reported numbers