Inter Parfums adjusts 2008 guidance
This article was originally published in The Rose Sheet
Executive Summary
Inter Parfum announces Nov. 24 that it is revising its 2008 guidance, now calling for net sales of approximately $445 mil. and net income of approximately $25 mil., versus previously projected $460 mil. and $26.8 mil., respectively. CFO Russell Greenberg says company expected strength of new product launches and existing brands to enable it to reach original 2008 guidance; however, "the very challenging economic environment that has manifested itself over the last few weeks brings doubt to that expectation." While Inter Parfums acknowledges that upcoming year will continue to be challenging, CEO Jean Madar says firm will continue to invest in new products. In 2009 the company plans to launch men's version of Burberry The Beat, Lanvin L'Homme Sport line and first bebe fragrance