2013 H1 results. An operating margin of 25% - Annual targets raised.
PR Newswire/Les Echos/
2013 H1 results An operating margin of 25% - Annual targets raised
In a mixed market for perfumes and cosmetics, Interparfums achieved a double-digit sales growth (+13% excluding Burberry fragrances) on broad-based and continuing gains from Lanvin, Montblanc and Jimmy Choo fragrances and a very good start for Repetto's first fragrance.
EURmillions (audited accounts) H1 2012 H1 2013 13/12
Sales 208.9 218.5 +5%
Operating profit 29.2 54.7 +87% % of sales 14.0% 25.0%
Net income 18.9 35.3 +87% % of sales 9.0% 16.0%
EURmillions (audited accounts) 31/12/12 30/06/13 13/12
Shareholders' equity 344.4 355.3 +3%
Cash 207.9 191.3 -8%
Exceptionally high margins
With limited advertising expenditures for the Burberry brand due to the license's termination, 2013 first-half results achieved exceptionally high levels with a 25% operating margin and a 16% net margin.
Sizable cash position maintained
The Group's financial position remains excellent with EUR355 million in shareholders' equity and EUR191 million in net cash at June 30, 2013, as lower working capital requirements in the first half offset taxes paid on the gain from termination of the Burberry license.
Sale of the Nickel brand
The Company countersigned a final letter of offer for the sale of the men's skin care trademark, Nickel, to the L'Oréal Group effective December 31, 2013 subject to the execution of the purchase and sale agreement, which is expected before year-end.
Paris, September 10, 2013
Philippe Benacin, Chairman and CEO commented: "Based on summer sales and prospects for the new Repetto and Boucheron lines in the fall, we now anticipate annual revenue for 2013 of EUR335 million. As for next year, with continuing expansion by existing lines and a sustained program of launches, growth (excluding Burberry sales of 2013) could reach 15%-20% for a full-year revenue target of EUR280 million in 2014".
Philippe Santi, Vice President, added: "At the end of July, based on results expected for the first half, we had decided to strengthen marketing and advertising efforts for the second part of the year in a voluntary and targeted manner while raising our operating margin objective to 12% for the full year. Today, on the strength of reported results, we once again raise our targets. On that basis, operating income may now reach approximately EUR47-EUR48 million leading to an exceptionally high margin of 14%. For 2014, in a more normal year, we have set an operating margin target of 10%-11%".
Publication of 2013 third-quarter sales Publication of 2014 detailed outlook October 24, 2013 November 20, 2013 (before the opening of (before the opening of NYSE-Euronext Paris) NYSE-Euronext Paris)
Shareholder information Interparfums Investor Relations Tel.: +33 1 53 77 00 99 and Analysts Contact
Philippe Santi +33 1 53 77 00 00 - firstname.lastname@example.org Media relations Cyril Levy-Pey +33 6 08 46 41 41 - email@example.com www.interparfums.fr Codes : Reuters IPAR.PA, Bloomberg ITP, ISIN FR0004024222-ITP Indices : CAC Mid & Small
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