Interparfums (ITP) Q2 2024 TU earnings summary

Executive summary

• H1 2024 sales reached €423m, up 6.7% year-over-year, in line with budget despite a high comparison base from 2023's 24% growth.

• Q2 2024 sales were €210m, up 16% year-over-year, driven by strong performance in key fragrance brands and successful launches.

• Growth was led by Montblanc, Coach, Jimmy Choo, and the relaunch of Lacoste fragrances, with positive momentum across most regions.

• Supply chain pressures have eased, and Lacoste fragrances distribution integration is progressing well.

Financial highlights

• H1 2024 sales: €423m (+6.7% at current and constant exchange rates).

• Q1 2024 sales: €212.7m; Q2 2024 sales: €209.9m.

• Montblanc H1 2024 sales: €103m, marginal decline; Jimmy Choo: €101m, stable; Coach: €85.9m, stable.

• Lacoste fragrances delivered nearly €37m in H1 2024, exceeding forecasts.

• Rochas grew 5% to €20.5m, while Lanvin declined 23% to €20.9m due to shipment limitations.

Outlook and guidance

• Management expects to meet full-year targets, citing strong H1 performance and positive initial results from new launches.

• Robust order book and high sales volumes expected in July 2024.

• Substantial 2025 launch plan with major line extensions and new lines for key brands, including two major Coach releases and new Van Cleef & Arpels launches.

• Highly selective distribution planned for the new Solférino Paris line.

• Operating income for H1 2024 is projected to see only a limited decline versus the high base of H1 2023, in line with budget.