IPAR - Earnings call 4 2023 | Inter Parfums, Inc.

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Operator

Greetings, and welcome to the Inter Parfums Inc. 2023 Fourth Quarter and Full Year Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.

At this time, I'd like to turn the call over to Karin Daly, Vice President at the Equity Group and Inter Parfums Investor Relations representative. you. Thank ahead. go Please

Karin Daly

Diego. you, Thank

us on Chief Officer, be and today Atwood. the Officer, Jean call Executive Financial will Madar; Chairman Joining and Michel Chief

this would On involve which Forward-Looking materially factors cause unknown other filings Commission to XX-K. These company, results. actual of and and report may I uncertainties may that behalf and note forward-looking heading the with known under Securities projected that in annual different factors conference company's risks, statements, be results call contain in be like from may the Factors Exchange the and the recent their Statements Risk found to most Form on

no only date information of the the speak are discussed. on statements made, as to Parfums obligation update they Forward-looking undertakes which and Inter

consolidated a European-based SA. reflect Certain operations. marketed French Inter its Fragrance the As business and subsidiary operations segments, United by its company's through and results produced States-based reminder, European-based owned their products are Prestige XX% operations X Parfums

When to refers subsidiaries. my begin. Jean, about may now talking It over is operations, their pleasure U.S.-based the you they to the Mr. Jean wholly-owned call to Madar. company turn are their

Jean Madar

and Thank morning, for Good everyone, today's call. you you, in Karin. participating thank

to fragrances ongoing higher in as Much and seeing attributed in market. which seen consumers fragrance of have high-quality within market we today's are seeking concentration the particularly premiumization Prestige are We momentum be can play. and the increasingly the Premium category in growth we

to brands. comparable currency X% portfolio sales sales of $X.X in related an of The net XX% increase XXXX, of increased led net XXXX. to foreign was XXXX, in record billion ongoing brands At demand new which rates, XX% our compared to exchange Prestige in a of

brands, new XX% year, during the largest Similar to to of each Choo, our sales. total rose our for above by was year established the Montblanc representing pipeline million $XXX our of Coach dominated extensions. our and for Jimmy and brands successful Sales product attributable XXXX, our growth

fourth pipeline XX% in by grew brand, way is a strategically a coming sales planned innovation, largest million of believe surpassing its the GUESS in GUESS robust Our years. $XXX also on sales we to and with well

European our & our brands made XX% increasing, including and respectively, Rochas, midsized Van XXXX, in significant also Lagerfeld, by were gains Karl brands, Arpels XX%. In there Cleef XX%,

As XXXX, you may to in us July growth will that benefit million the XXX% XXXX. healthy, continues the from the brand recall, in $XXX substantial We remain Donna as anticipate This it will rate Karan/DKNY XXXX. well joined growth but exceed sales our in significant expertise. will and in normalize explains

Relative to all our portfolio newest shipping brand, our rebooting retail the freshly-developed brand's fragrance goods creating Lacoste of fragrance consumers January after year, new for existing we partners and began in alike. this and

revamp opening the fragrance creativity while the [indiscernible] stores to renaissance reboot of Cavalli and coincides efforts new house Our increasing visibility. fashion with powerful

have We this brands both our blockbuster for later launches year. west in the

witnessed a into think, This As sales with Italian operations founded fragrance of was XXXX. plus our coinciding recall, in timed XX% license. well as was market strategically XXXX the Ferragamo you may signing decision, in entry the I the growth Italian

the to expect market, that noted in XXXX. see growth similar fragrance expansion Italy [indiscernible] Ferragamo achieving outperformed year. fact, are sales In last the they well sales in XX%

demand will seen borders. across the new are we have While healthy our booming Italian recently, confident we of the in competition, take entrants driving and advantage Italy the market affiliate across into industry Italian

sorry. to our starting has XXXX company's team scale. I'm European-based as brands We brands January started After in since and also affiliate have January also to other distribute serve to the point operation -- leveraged anchor operation from this brands Italy from increased in United all distribute attract to the 'XX new the our States-based Italian an XXXX,

expand will With team of in that synergies and improve look shipping beginning The -- our Italian distributor. in fully we the at XXXX, forward gross a margin of brand. Italy the Cavalli cross-company both to segments, started directly we market we operations through as this managing potential our capturing sell continue also distribution to February and Roberto for fragrance

Abercrombie & XXXX XX% of the significant to sales legacy sustained part in Fitch due achieved of popularity also growth their scents. in

as Our we leading back Phase the year, we initial of the of in expect the first X rollout sales in the quarter a to the this to growth year. success was see Phase of and in X Fierce distribution half further contributor brand's expansion commence

and across On great meet with another is wholesalers lot XXXX off globe. to note, I've to spent of time the retailers, a traveling a buyers start.

visited In I shelves, what meet GUESS, buyers, for empty particularly [indiscernible]. I fact, representing sellout healthy saw, very to Mexico by including Montblanc, with was and recently Ferragamo, I encouraged and

the With are those in behind we reorders, strong growth season of the holiday and region. that enthusiastic prospects

stimulating pipeline our fragrance we of innovation quarter collection. to Turning first of new debuted during the XXXX,

the fragrance reveal XXXX unisex new premium and fragrances These Spring concentrated also fashion than Les Sommets developed ] Donna of were [indiscernible] across department campaign. stores ultra-luxurious, in X Moncler, premium XXX debuted with Karan more United States. the conjunction relaunch outlet and Donna of we unveiled Moncler, in partners [ of the a other more the business and called quarter introduced called Collection. For Cashmere fragrances of we Karan

of I fragrance XXXX invigorating blockbuster for throughout the set quarter. new balance well more [indiscernible], set as one to to year. Whereas Roberto and quarter fragrance and Legend, second planned Montblanc Cavalli of the earlier. in third flanker GUESS Extensions have debut mentioned signature Coach Dreams, Choo Jimmy new the the in as an Cavalli for the are the Lacoste addition lineup We for of product as

for the de market, of a extension Abercrombie, ahead. for coupled La the fragrances, Hollister, brand Renta. in ongoing marketing also of overall Ferragamo, the are Furthermore, With we portfolio in innovation year are our and with and Oscar strength MCM, the fragrance works in dynamic poised development

for capable effectively robust and managing United just team diverse XX our prestige We optimizing States-based brands. members operations, portfolio commitment developing unwavering new our our have of successfully operations of exemplifying onboarded to over

ethos our curiosity world Asia, with the more towards the shift ever-changing the category ] we innovation penetration fragrances will in and of continued force in the for [ premium consumers forefront for is the United appreciation heighten future. at a believe In beauty, and and on the fragrances, the fragrance States brands that rise for be compelling

will call I Michel to a detailed for now review. Michel? turn the over financial more

Michel Atwood

everyone. and Thank you, Jean, good morning,

quarter, consolidated reported operations reflecting grew we the respectively. yesterday, in and As X% U.S.-based XX% and net our in growth X% final sales European-based

earnings record the For full we and sales results. year, to have achieved pleased are

elevated preceding and year. Compared year from in XXXX, XX%, the quarterly As stabler sales baseline for previously which rate the year growth disclosed, the sales the full full a XXXX. our the to much quarter the comparison up was fourth both were to reflects year,

broadly basis, gross a a leading XX.X% On and margin the margin channel of the expanded full with mix consolidated segment line fourth of and prior XX points basis mix. product to from gross headwinds prices higher year inflation year the with to XX.X%, XXXX in offsetting quarter selling

operations XXXX, margin from In by XX.X% gross European eroded to XXX points XX.X%. basis

the previously was disclosed, the attributed to second inventory the in However, write-off bulk the quarter. of erosion as

mix gross almost impact, Europe. basis with and XX inflationary in entirely only higher points margins this by Excluding regional have eroded pricing costs would offsetting

factors in in other margin from early including U.S. of The not on continued margin operations price XXXX. to our several increases significantly the expand U.S.-based cost-containment in in were XX.X% expansion ongoing goods from by we offset XXXX to XXXX stems higher XX% took due fully hand, cost gross that efforts. to part

An the higher-priced of rest growing fragrances example of is market the our had we're seeing in channel what U.S. as also a mix happening the favorable with are Italy. opposed brand and directly portion sold larger also Jean other than We third-party that regions. as is to in faster distributors. explained retailers U.S. of the to being But that

to in a And tooling. then and absorb sales of in has significant lastly, fixed which depreciation namely XXXX, manufacturing us cost, increase allowed

As general the basis advertising XX% points which promotion than a and expenses as the higher sales to period quarter, mainly is for spending. expected, higher year of prior selling XXX percentage were and and net due administration

was a of of XX.X% year, costs mix. segment to operating favorable growth expenses during net full were the absorption decrease XXXX, sales sales as fixed for driven continued in XX.X% SG&A This and largely allowing For compared XXXX. better percentage at by

disclosed, in build previously heavily to brand growth. we our sustain continue A&P to invest and awareness, As remain competitive

continue XX.X% we net A&P to of higher-than-expected growth to towards year, to promotion. we the again sales, of sales dedicated part and while our we sales below converge this deliberately During due net in And XX% advertising target spent figure. of

of was In quarter year sales, the fourth fourth the net fact, of higher XXXX. representing in of XX% critically in XX% up in quarter XXXX, prior important the from XX% period spending than

the years. in quarter, As typically line XXXX, you approximately our and generally expenses SG&A other Royalty included in fourth what spent in are we average the with double quarters. spend last X X% we in know,

margins for X.X:X. cash our million from operating working equivalents And capital a short-term aggregated approximately XX.X% improvement cash capital XXX basis million, $XXX XXXX. and closed and resulting of in of working year the finally, $XXX with We investments points in ratio XXXX to including or

to and Our long-term acquisitions X debt perspective, at activity a From sales from of XXXX, couple on as to cash XXXX the outstanding levels of were up million, Lacoste XX% sales slightly associated main in XXXX flow in was as year-end strong balance record accounts days XX our the Paris days was investments to XXXX. years. XX in receivable collection license is compared with last $XXX a reasonable based opposed as -- reflects the December decreased headquarters XX, XXXX, day and

the of customers This newly hand inventory to XXX Lacoste licenses XX% are in XXXX, from XXXX. XXX anticipated was fully increase began by Cavalli, Additionally, primarily days days which XXXX. to is of inventory on XXXX the for explained up and levels inventory and to year-end in shipping acquired related from days increased which buildup in

We normalizing sales in our expect base. and we inventories inventory to have this now that start

the basis undergone guidance. largely bottom adjusted And diluted assessment and tax operations, our our line earnings achieved beat goal onetime an and diluted on per on representing $X.XX line only execution XXXX growth touching XX%. XXXX by European achieve per did all-in bottom but we of of in our and sales billion we our target $X.XX finally, our the Not $X.X and guidance share, excluding surpass of XXXX share, earnings

market, us approximately fragrance we category yesterday's Luxury confidence sales grow XXXX the with particularly trade can billion. level in robust. and release, in For earnings growth as achieve $X.XX we remains continue and Prestige and annual healthy the to stock This XX% guidance, the coupled reaffirmed gives to

more We portfolio. growth high of expect digit our to to the the the be pipeline of and seasonality of single first our of sell-in modest innovation a brands half due newest

will the X% growth double-digit to in expect an half. in share we earnings second However, diluted increase This lead per $X.XX. to

impact amortization per $X.XX. noncash the Lacoste the acquisition diluted guidance, by is our share of in included our reduce to earnings cost XXXX note, Of expected approximately

Excluding this growth impact, we XXXX. XX% are of projecting versus EPS

we portfolio, being this conservative light strength particularly guidance. especially share market gain always to keen are our and year, ability the of in have taken in on always And the and the remained are ongoing While we the confident Middle East of with a -- our conflicts overall Eastern we've our we in in stance cautious, in Europe.

volatility the and the for clarity successful at market attain this potential progresses new of X offtake on and as the guidance and the of will time, of the visibility the as licenses. revisit lack we we our year and subject expansion Given greater

directors is to quarterly financial XX announced through on given dividend $X.XX next also XX% $X The to increase March standing, Lastly, payable press please to share. robust $X.XX XXXX. per the and XX, share a shareholders our With company dividend to line They authorized results, our to share XXX,XXX up future of per for that, cash of of shares release, in as our operator, continue open approved on the record the Board March questions. strong annual purchase from per in prospects XXXX.

Operator

[Operator Instructions] Davidson. Our with question Bolton-Weiser Linda first from D.A. comes

Linda Bolton-Weiser

in know but wondering the in Europe, Eastern So that? world some XXXX? little How XXXX. on you X down much on lack revenue mentioned that I Eastern if that Middle shipping on more, of the in those And color you could a comment some us in Europe give I you some a I just been us still to is and specifically, of and was you was East of Can the going have give more bit color that to regions just visibility, a Russia, lot kind think, roughly XXXX? of go little

Jean Madar

makes simple. real -- try us sales. to distances put good Yes, impact I it Russia we And made can morning though to what Russia, like our It very to on some see, like our it's in that that have Russia The France. Russia [indiscernible] guidance. light -- they Linda. for a of of focused in regarding Yes, to that. business not doesn't in Italy Russia everybody It made products it -- some products Europe. change. the ship U.S.A. or the -- today, we're even total course, in on do comes When in ship conservative does not We We are to something are sales, is

Michel Atwood

$XX Linda. it's million Linda, of -- $XX that's Yes, million, about Yes, it's our actually we've it's kind in what disclosed and XX-K.

Jean Madar

strong, in Russia, But the the also though Michel, in expect When business region, that Arabia, Middle reason can represents business is do a great any which we world. we comes that reveal. it's prefer Saudi And that and very a business business the business this part a cetera, what we even only which not this business. as could we Kuwait strong from the That's Emirates have to tension to is No. we to news Do have The we have have nice give very an it et see a represent, have go in you no in of more to up? is know, you why not East, -- approach I conservative. [indiscernible] but stop Poland, sparks this we percentage? are

Michel Atwood

That's and... about Middle X%. about in it's Yes, X% East

Jean Madar

was Everybody X, ago. the X region weeks I fine. is in

anything impact we think We region. an the if on happens, continue to see sell. we'll immediately, But that

and to business, Roberto Cavalli of prefer XX% the But more -- business for we Middle our the is wait see. than why in on that's instance, So Cavalli, East.

So conservatism. this give you our is of some to color

Michel Atwood

and the environment don't is of to than the to to level any X are that The because And of business. with brands. our just brands, relative about to good health our obviously macroeconomic of and offtake we caution feeling the ability is our again, tone our we caution the over macro we our certainly might we're coming But we've business. build on But year-end launch more prudent Jean, which the replenish environment, had from I think being successfully more by have of not control. of concerns very tone

Jean Madar

I to now. that think but a couple we'll months release will this first be hope guidance, We the wait of will when would say, I able we before we we review review. not quarter,

Linda Bolton-Weiser

some gross about know, for you margin I then And Okay. giving the A&P could be think, XXXX XX% I year? previously Michel, flattish. felt be to that you then you in were target in color, And are the that also still ratio shooting

Michel Atwood

But we're flat the year much of are year offsetting inflationary good think cost this margin we with the Certainly, still the gross Linda. pretty for we working the pricing looking that of took next and might towards I a that expect. broadly, carryover contained now. for some costs

very been I remain the clear. to we've We think competitive. A&P, On want

to obviously continue spending as is on Some impact sales. than we and anticipated because market that potentially a why has our we've denominator our reasons an below the been of see we lower more divide goal growth XX% the by lot

in. land so as we to We and clearly We're continue better. that and been expenses refining more. quarters I come the we're plan number indicating to gating plan investments that gating sales now think ability that our these for our that few I've a forecast And very can

assume that in should to you yes, continue So that we work direction. will

operating margins quite if while important keep also operations higher higher much very are compare to which a margins is not European operating operations, operations A&P gross European and have our has another always our element difference but U.S. There's and much There's our actually been overall same that's margins, to roughly here, spending. big obvious, mind you the in model, it's but the converging. in

spending. And U.S. you it's lower A&P if operations, compare margins opposite, that the to and lower

the more also As see expect more like the but the see some on will segment but That starting both the European the -- margins you're European to which A&P that to and the more looks which going becomes starts gross U.S. also operations on favorable, business A&P, converging, as look was one. operations, to can unfavorable. you the like increasing be and more creates be to COGS, mix

Jean Madar

may in margin XXXX add, at operating was XX%. our If high I

of in set really I reassuring want in see it gift lot are than parfums I the and [ sell-through. of higher all It's for think we it's But Linda, ] to year our -- the to after. ensure what spend the spent when was great sold end advertising fourth on one by our money And the we through is a year quarter this the the advertising, of level. that that in XXXX. reasons this a is that

continue So important spend I to think level. to it's very at this

Linda Bolton-Weiser

has few my your a dividend with and XXXX free increase, in Yes. amount. flow frankly, then just was that's dividend much you've cash had years. XX% and allocation too question big above to healthy And final increases the not nice do capital in last Quite the

I'm like we have a your just So too of is actually flow. high more are you I cash getting a to safety. of wonder relative worry better cash free margin should robust flow kind expecting and wondering bigger your that to if -- dividend

Michel Atwood

Yes.

that been with AR cash going which been growth. been a consumed commensurate So the I say couple healthy if inventory delivering the build-up, of operating think in the lot of particularly, very our you the through either at we've that years, on really last I right? for The flow, look free growth, -- what's challenge inventory. profit is has is would and

feel we is we're consumed at cash. point that inventory level time to getting is of What quite lot a we're inventory this that So in has of seeing a comfortable.

have now for and Lacoste laid out prepared Cavalli. now, my We remarks, built as inventory we for in have the I

profit through inventory. of consumed a be that going And increase so operating we expecting an our are will less lot forward in

And provide will so good some us that tailwinds. with definitely

X feeling couple overall, this been our cash And flow years. Paris, to free in the last know, we the not more typical There's from is, have and in and all the so consumed about earnings. prospects you that then acquisition we're Lacoste last of very, which, headquarter investments is ability our our But purchase, generate piece our as cash year significant next -- good industry. in made the there's for have also very of

Operator

Our comes Piper with Sandler. from next question Wolfmeyer Korinne

Korinne Wolfmeyer

the to like about both a out thinking on you're what's does I'd and and bit can you're these laid in more prudent year. guidance just you on year the color going we licenses when or Lacoste both maybe does East. little one being you for seem is outlook like factoring like to It touch could provide -- these we and thinking sound this more how licenses how and trajectory bit some how conservatism Cavalli licenses the more especially little you're how the with expectations, upside the maybe with for it year? But a build areas or Middle about this on see could in this

Jean Madar

ahead, go Michel. ahead Go Yes.

Michel Atwood

we for $XX Cavalli Lacoste for now, assuming total the combination and right for Korinne, million forecast both our So, in are in about year.

So far, we've get been able healthy sell-in. some to

that's so kind towards. And working overall, we're number the of

going the Middle volatile East As in the region of is pretty much and Middle half pretty to explained, Jean Cavalli East. a be remains

about in smaller our So that. $XX currently number assuming than while we slightly probably we're forecast, in our guidance, million a have

business at digits, to of looking the licenses. that, to prudent we the conservative. X%. it, kind this you at high XX%, more from balance again, the from around building market call around point we're new are blocks and mid-single if But we look that's time. be expect do coming we about little in a of X% And at Right then base now, coming now, being the right So our X% understand

Korinne Wolfmeyer

it of beyond could A&P specifically, you And like then And that years? touch year? lower your spend? And to run going XXXX over kind proper A&P this in heightened. Or longer-term should XXXX, spend we margin just keeping expectations here are coming beyond think bit but guiding know helpful. you're get how I about Very for rate you spend? on can reasonable for sustainably we thinking be due operating be it the to a little is levels like If is the delivered the to to not

Michel Atwood

time, margins expand. the I we're with this we're we At think in of looking don't level comfortable further necessarily point to have.

I a comfortable we've We're think had run. good with really level really, the have. we

continues to business we the have grow, and operating scale efficiencies gains. as continue think will to I

that explaining of appreciation. mix I off. drive impacts a impact kind of bit margin have again, very of potentially think -- before, little are being would things that But some we And lot can mix segment these throw of vigilant. there's was a some we I -- as

you you European if at If our we're operations, at at But right look at XX%. our look now, A&P they're XX.X%.

to we're range. is is the more why the COGS. And it's thing on the U.S. reason lower because XX% than same that And operations XX% in

what think probably probably see And but -- to continue to overall, continue margins will same. long the gross can increase. margins term I So over to expect U.S. really is, you that will will the remain operations A&P roughly improve.

Jean Madar

have would new January time, and this the interesting if -- we to started. which Excuse Lacoste them took X me, like would over We of I point just like are go to license X. back I that Cavalli, to

see in the former put think lot the inventory of both good on going I a licensee market. we're surprise didn't to some because

we the we to see the there that there we quarter, orders large Cavalli receiving have -- for and our appetite see the replenish Lacoste products that from empty are trips quickly. And that shelves, shelf is from also the and make, for is in we first I

bigger there the that So a make level than of now, for to for have this and Cavalli we that Lacoste lot continues it seeing numbers for year. is if -- are at chance we

Operator

Our with next Ashley question from Helgans comes Jefferies.

Unknown Analyst

terms broader can sensitivity you bit category, then to you terms And looking through give seeing what kind you're a sensitivity price environment fragrance consumer in of if wondering promotion. out maybe also about for in and just color the of expecting was I XXXX? talk Ashley. for [indiscernible] is promotional This can any little what of with you're

Jean Madar

I the as consumers premiumization answer. I before, When have more sure. are -- is more But a quality, and to for more more seen fragrance. There try willing said spend meaning concentrated market higher fragments. in there higher for to can I quality Well, we say

So buying de buy De Parfum. toilette they of instead Eau Eau will

So it fragrance. also is which when it see We buying worldwide expensive. people We a comes also could be resistance no size, sign. see more to more price larger

in Our large call let's in usually large. medium sales sizes, of are fragrance than it, small, X come XX% and size. the More the

So this, We always course, in this we you has like see trend have that. brick-and-mortar business. of something important the helps not It in been a see Michel, it continue. the business. course, And to very business add? e-commerce and of

Michel Atwood

I think Yes. say would strong. market been has No the I generally very

even not is market there certainly of the it would kind price pricing, that. be a there's pushing related underlying very So were if elasticity up if offsetting that there strong to or we're be any trend -- to seeing even that's

are but And normal the we're throughout really There you increases any various where significant really promotion promotional promotional some significant get seeing on the sets. holiday sell-through, side, gift events not activity in facilitate there. your we season the typically increases holiday any haven't in to levels, seen

Unknown Analyst

one more what give any seeing can travel us you're retail on you then updates helpful. That's was And channel and from kind us the there? of just

Jean Madar

back. really is retail Travel

China lot retail. of Travel strong higher We nice increase we of price Asia in U.S. and is see the except in in Europe, a China, a and than largest operators except -- our at with them less back the all in will going a very a have programs operators, and there dozen the

Operator

Hamed with from BWS Khorsand comes question next Our Financial.

Hamed Khorsand

is, The thing Can to any first seeing you hear you wanted are I you ask me? difference?

Jean Madar

Yes.

Hamed Khorsand

with they Are Or and beneficial you because that having in establishing direct is seeing how going going any your you? you're relationship? and the buying is how retailers -- on for relationship difference with different? Are what's you it more

Jean Madar

sure. am not Michel? I

Michel Atwood

try fill take always mean, I pick the up there. out obviously go benefit let So in to in. overall can direct, is then, me because obviously, that, you going you Jean, can you piece there's and if that of value direct a a maybe

efficiently. obviously, do you it, can If

a have you're don't is step stock distributor, to get as business. selling you you that doing. The to when definitely track and -- the retailer, with closer to second conversations retailers But you're are relationship. benefit necessarily one closer effectively pulse your business, the that offtake. you the on look stock at you visibility you the you it track have trade, When ongoing through of levels, to you much you're that helps what you're closer Obviously, their consumer, the distributor, stock

one well about You brands. are closer how about also we our brands, even the We one also very talking And are well. step your as to obviously, are always if definitely our trained. know talk partners

positive inevitably of helps think all momentum So that I just and creates of kind us.

Jean Madar

middle We direct respond have can sure. the distributor much relationship And a we for of when in have course, with in countries. many faster retailers more you

Hamed Khorsand

you any And you then have are year? Or changed line up of your staying time put? for new releases this

Michel Atwood

Yes.

more to the skewed of the look at much half. you a year, and you mean the this business, half quarter, much it's pretty quarter-on-quarter. what what at we What of are this there year, year. standpoint, the we you the FMCG look a of lot see And first typically, in everybody's XX% if is about every stable -- roughly was fragrance XX% see second at was some from or half you it's you business business, quarter second in look if overall, a seasonality did really was think if I a the our buying on roughly business I --

Choo. we outlier and very, a was QX a Jimmy Normally, lot it's of strong with year XX-XX a and very this year because last on an like bit split, of had Montblanc a more innovation, particularly

seasonality It's last the we're this to last relative year. why what reasons little is to one which a slower this industry, guiding of versus year was see. and growth this off normally So of driven bit market we a slightly more by

Operator

to this time. Atwood turn Michel over for closing back questions further the at I'll are There no remarks. floor

Michel Atwood

this Okay. Well, our Really joining to not unsung teams. thank I you behind really really call, here. take for us. they're but all on They're today. the all to the call, opportunity thank wanted heroes our this really end call before I They're

the the we hard achieved been think For dedication. without seen considerable, It's really you've could have work for those over all of results transformation have that not been not us years. record of growth while, I a and pace few and this following these sustained last all and their achieved and only

to wanted upcoming you. Last really really, of announce maybe thing again, our like just events. I teams to is I all some also thank to today So would do

the leaders And March James Beauty Jean, Davidson conferences joining be X. dinner on virtual our D.A. in first, attending London Bison Best-of-Breed So XX. separately March will on Raymond I Jean inaugural be also will

So respective in interested please in these representatives the you're reach out to if sales events. partaking

have you questions, if contact any Relations Obviously, can representative. the Karin Group, Daly from our Equity Investor you additional

e-mail recent all earnings the available we Our any look always obviously, really in telephone thank great We well you answer forward address next found wanted to a our number release. as to And questions. you I'm be And to and again, and can conference wish most call. day.

Operator

that Thank disconnect. day. And you. a may All concludes good today's Have conference. parties

Inter Parfums (IPAR) 28 Feb 242023 Q4 Earnings call transcript