Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>IPAR closed out 2023 with the same momentum that has been generating sales growth the last several years.</li>
<li>The consumer has been receptive to fragrance and there has been no sign of slowing demand for the category</li>
<li>IPAR provided preliminary fourth quarter sales of $329 million versus our estimate of $316.5 million. Sales growth within IPAR’s top selling brands was through Coach and Guess</li>
</ul>


IPAR closed out 2023 with the same momentum that has been generating sales growth the last several years.
The consumer has been receptive to fragrance and there has been no sign of slowing demand for the category
IPAR provided preliminary fourth quarter sales of $329 million versus our estimate of $316.5 million. Sales growth within IPAR’s top selling brands was through Coach and Guess


<ul>
<li>IPAR issued its initial 2024 sales and EPS guidance proving clarity as investors value the stock for the year ahead.</li>
<li>IPAR is forecasting sales and EPS in line with our current estimates suggesting there could be ample upside to the numbers if the current demand for fragrances were to continue.</li>
<li>IPAR expects 2024 sales of $1.45 billion and EPS of $5.15. Both of which are in line with our estimates of $1.42 billion and $5.16, respectively.</li>
</ul>


IPAR issued its initial 2024 sales and EPS guidance proving clarity as investors value the stock for the year ahead.
IPAR is forecasting sales and EPS in line with our current estimates suggesting there could be ample upside to the numbers if the current demand for fragrances were to continue.
IPAR expects 2024 sales of $1.45 billion and EPS of $5.15. Both of which are in line with our estimates of $1.42 billion and $5.16, respectively.


<ul>
<li>IPAR benefited from consumers continuing to purchase fragrances in the third quarter and retailers beginning to stock inventory for the holiday shopping season</li>
<li>IPAR reported third quarter sales of $368.0 million in line with what the Company had previously disclosed in October</li>
<li>IPAR has several new product introductions in 2024 and begins to generate sales from Roberto Cavalli and Lacoste brands as well, which should result in IPAR growing sales in 2024</li>
</ul>


IPAR benefited from consumers continuing to purchase fragrances in the third quarter and retailers beginning to stock inventory for the holiday shopping season
IPAR reported third quarter sales of $368.0 million in line with what the Company had previously disclosed in October
IPAR has several new product introductions in 2024 and begins to generate sales from Roberto Cavalli and Lacoste brands as well, which should result in IPAR growing sales in 2024


IPAR: Sales Trajectory Ahead of Estimates

<ul>
<li>IPAR continued to experience momentum in demand in the second quarter with preliminary sales ending up at $309 million compared to our Street high estimate of $283.7 million</li>
<li>IPAR’s management is taking a conservative approach with sales forecast given the supply chain and sales volatility in certain regions. </li>
<li>The strength in second quarter sales was across multiple brands and in both segments</li>
</ul>


IPAR continued to experience momentum in demand in the second quarter with preliminary sales ending up at $309 million compared to our Street high estimate of $283.7 million
IPAR’s management is taking a conservative approach with sales forecast given the supply chain and sales volatility in certain regions. 
The strength in second quarter sales was across multiple brands and in both segments


<ul>
<li>Inter Parfums (IPAR) continuing to experience demand for its fragrances has not been enough to overcome investor concerns related to the slow demand environment in China and the duty-free segment</li>
<li>IPAR’s top three brands each grew by more than 20 percent compared to last year with Jimmy Choo sales up 63 percent</li>
<li>IPAR managing through its inventory balance could result in cash conversion that should improve investor sentiment</li>
</ul>


Inter Parfums (IPAR) continuing to experience demand for its fragrances has not been enough to overcome investor concerns related to the slow demand environment in China and the duty-free segment
IPAR’s top three brands each grew by more than 20 percent compared to last year with Jimmy Choo sales up 63 percent
IPAR managing through its inventory balance could result in cash conversion that should improve investor sentiment


United States

Inter Parfums, Inc. manufactures, markets, and distributes a wide array of fragrances and fragrance related products. The Company's European-based operations produce and distribute prestige fragrance products primarily under license with brand owners. It's U.S.-based operations primarily produce and sell fragrance and personal care products under several specialty retail brands.

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Inter Parfums (IPAR US)

IPAR: Scent of Momentum

The momentum IPAR has seen for the last several years continued in the fourth quarter unencumbered by supply chain and inventory concerns. We...

BWS Financial Inc

IPAR: Clarity on Growth

The sales and EPS forecast are in line with our estimates but provide clarity as to what investors should expect from IPAR next year.

BWS Financial Inc

IPAR: Sales Trajectory Ahead of Estimates

IPAR is set to release a fragrance for its top five brands in 2024 along with taking over the Roberto Cavalli and Lacoste licenses. The stock...

BWS Financial Inc

IPAR: Adding and Growing

IPAR reported preliminary second quarter sales exceeding our expectations. We are anticipating IPAR to issue an increase in their full year EPS...

BWS Financial Inc

IPAR: Ready for Cash Conversion

IPAR converting its inventory into cash and showing continued strength in sales should support a higher price point later this year.

BWS Financial Inc

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