Dollars and scents
Shares in Inter Parfums had their best day in almost six months Wednesday after the perfume maker reported a big jump in first-quarter sales and raised its outlook for the year.
New York-based Inter Parfums logged $198.5 million in sales for the period ending March 31, up 37% from a year ago. The company, which makes and sells scents for brands including Coach, Guess and
Abercrombie & Fitch, said it expects earnings per share of $1.65 this year, up from its last forecast of up to $1.45. The company reports its full first-quarter earnings on May 10.
“The first quarter set the stage for a year of strong growth, despite meaningful travel
retail headwinds,” said Inter Parfum’s chief financial officer Russell Greenberg.
Inter Parfums jumped 7.7% to $75.31 on Wednesday.