Company: IPAR
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001753926-25-000424
Chunk: 35

Company: INTERPARFUMS INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 5
Chunk 35
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 and the related results of operations for the period are presented fairly in all material respects, other assumptions could reasonably be justified that would change the amount of reported net sales, cost of sales, and selling, general and administrative expenses as they relate to the provisions for anticipated sales returns, allowance for doubtful accounts and inventory obsolescence reserves. For 2024, had these estimates been changed simultaneously by 5% in either direction, our reported gross profit would have increased or decreased by approximately $0.2 million and selling, general and administrative expenses would have changed by approximately $0.1 million. The collective impact of these changes on 2024 operating income, net income attributable to Interparfums, Inc., and net income attributable to Interparfums, Inc. per diluted share would be an increase or decrease of approximately $0.2 million, $0.2 million and $0.1, respectively.

Results of Operations

Net Sales
 
Years ended December 31,

(in millions)
 
2024

% Change

2023

% Change

2022

European based product sales
 
$
953.0

10
%
 
$
863.4

16
%
 
$
744.0

United States based product sales

511.3

12
%

455.8

33
%

342.7

Eliminations

(12.0
)

na

(1.5
)

na

(0.1
) 

Total net sales
 
$
1,452.3

10
%
 
$
1,317.7

21
%
 
$
1,086.7

na - not applicable

Net sales in 2024 increased 10% compared to 2023. At comparable foreign currency exchange rates, net sales also increased 10% in 2024, as compared to 2023, of which 9% is related to new brands. The average dollar/euro exchange rate for 2024 was 1.08, in line with 2023. 

For European based operations, sales grew by 10% for the full year 2024 driven by the strong performance of Jimmy Choo, the addition of Lacoste, and solid execution of some of our smaller brands. Our largest brand, Jimmy Choo, increased 2024 sales by 7% as compared to 2023, attributable to the ongoing success of the I Want Choo franchise, while our second and third largest brands, Montblanc