Inter Parfums lifts outlook after 1Q sales gain

Inter Parfums lifts outlook for the year after 1st-quarter revenue grows 29 percent

Associated Press

NEW YORK (AP) -- Inter Parfums Inc. on Monday lifted its outlook for the year after the perfume maker's first-quarter sales rose 29 percent, more than analysts had predicted.

Inter Parfums' revenue for the January-March period totaled $213.8 million, up from $165.4 million in the same months the year before.

Analysts, on average, expected $199.4 million in revenue, according to FactSet.

Shares rose 97 cents, or 3.7 percent, to $27.58 in afternoon trading.

Sales for the company's European operations rose 34 percent to $195.1 million. A big boost came from Burberry fragrances, the last quarter that Inter Parfums made perfumes for the brand. Excluding Burberry, European sales rose 16 percent to $85.5 million.

U.S. sales dropped 8 percent in the first quarter, to $18.7 million. Last year's U.S. sales shot up 71 percent because of several new product launches.

Inter Parfums now expects a profit of between $1 and $1.02 per share on sales of about $510 million.

The company previously projected a profit of 90 cents to 92 cents per share on sales of about $480 million. Analysts expect 2013 earnings of 99 cents per share on $500.4 million in revenue.

The New York company plans to issue its full first-quarter results around May 8.

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