UPDATE 1-Inter Parfums Q1 profit beats Street on Burberry sales
(Recasts; adds details, 2008 outlook)
May 7 (Reuters) - Fragrance maker Inter Parfums Inc (IPAR.O: Cotización) beat market estimates with a 50 percent rise in first-quarter profit as its Burberry perfume brand boosted sales at its European operations.
The company, whose other perfume brands include Christian Lacroix, Lanvin, Nickel, S.T. Dupont, Quiksilver/Roxy, also raised its 2008 outlook.
"Most of the gain in European-based sales was due to the 53 percent increase in Burberry fragrance sales with the successful worldwide launch of Burberry The Beat coupled with good performance by the brand's existing lines," CEO Jean Madar said in a statement.
New York-based Inter Parfums, which also sells personal care products and cosmetics, achieved a 46 percent rise in European sales, which came in at $110.6 million.
The perfume maker, which also approved a 3-for-2 stock split in the form of a stock dividend to shareholders, reported first-quarter earnings of $8.7 million, or 42 cents a share, up from $5.8 million, or 28 cents a share, a year earlier.
Analysts on average had expected earnings of 36 cents a share, before special items, according to Reuters Estimates.
Quarterly revenue at Inter Parfums, which sells its products to department stores, drugstore chains and mass merchandisers like Wal-Mart, rose 45 percent to $123.2 million, topping analysts' average forecast of $98.2 million.
The company, whose rivals include Avon Products Inc (AVP.N: Cotización), Estee Lauder Cos Inc (EL.N: Cotización) and Elizabeth Arden Inc RDEN.O, said it expects 2008 net income of $26.8 million, or $1.30 a share, before the stock split, on net sales of $460 million.
Analysts on average had expected earnings of $1.32 a share, before special items, on revenue of $465.4 million for the year.
Shares of the company closed at $27.76 Wednesday on Nasdaq. (Reporting by Dhanya Skariachan in Bangalore; Editing by Pratish Narayanan)
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