Interparfums raises its 2023 margin forecast after its sales rise

PARIS (Agefi-Dow Jones) – Licensed perfume maker Interparfums on Wednesday raised its operating margin target for 2023, but its annual revenue came in slightly below analysts’ expectations.

Taking into account the continuous control of all expenses, in particular marketing and advertising, the operating margin for the financial year 2023 should exceed 19%,” said the group’s deputy CEO Philippe Santi in a press release.

Interparfums previously targeted an operating margin of between 18% and 19% in 2023.

The group achieved turnover of 798.5 million euros in 2023, an increase of 13% on a reported basis and 14.6% at constant currencies. Interparfums expected a turnover of around 800 million euros. The annual turnover target, originally set at 750 million euros, was raised twice in 2023.

In the fourth quarter alone, sales fell by 2.5% year-on-year to 187.8 million euros, in an unfavorable economic context in some regions.

Analysts on average had expected revenue of 198.2 million euros for the fourth quarter and 805.8 million euros for the full year 2023, according to a consensus compiled by FactSet.

“In an extremely complex global context, both at the geopolitical and economic level and at the supply chain level, we have achieved a very good year in 2023, well above our original forecasts,” said Interparfums CEO.

The group, which will publish its full-year results on February 28, did not share its forecasts for the current financial year on Wednesday. Last November, Interparfums said it was aiming for a turnover of around 880 million to 900 million euros in 2024.

-Alice Doré, Agefi-Dow Jones; +33 (0)1 41 27 47 90; ed: VLV


Agefi-Dow Jones Financial Intelligence

Dow Jones Newswires

January 24, 2024 01:40 ET (06:40 GMT)

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