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IPAR

Inter Parfums

$37.81 /

+2.79 (+7.97%)

16:30
03/23/20
03/23
16:30
03/23/20
16:30

Inter Parfums withdraws FY20 guidance due to COVID-19 uncertainties

Inter Parfums provided a business update in connection with the evolving global health and business situation resulting from the COVID-19 pandemic. CEO Jean Madar states: "Our conservative financial tradition has enabled us to amass hefty cash balances and nominal long-term debt. We entered 2020 with $253 million in cash, cash equivalents and short-term investments, and only $10.7 million of long-term debt. Nonetheless, we will tighten our belts when appropriate, with an eye toward minimizing fixed expenses and protecting cash flow. However, our quarterly dividend of $0.33 will be paid on time on April 15, 2020. Operationally, we are preparing for increased demand in the post-COVID-19 environment, with business in Asia already showing signs of a comeback. Of note, we have seen a resumption of more normalized sales levels in South Korea and China, with internet sales especially strong. We are gearing up to be prepared to rapidly fill the distribution channels once the crisis is behind us. In that regard, we have maintained reasonable inventory levels of components and finished goods, and are gaining local market intelligence from our distributors and production capacity data from our suppliers. Our company is fundamentally strong. We have every confidence that with our portfolio of prestige brands, financial wherewithal, global distribution network, and our dedicated staff and partners throughout the world, our business will once again grow and thrive. However, there remain many uncertainties resulting from the global health crisis and the concurrent business interruption, and we hope this is only a short-term situation. Due to the many uncertainties associated with global COVID-19 pandemic, we are withdrawing our previous 2020 full year guidance. As we gain greater visibility, we will revisit the subject of guidance."

IPAR Inter Parfums
$37.81 /

+2.79 (+7.97%)

03/20/20 DA Davidson
Inter Parfums downgraded to Underperform from Neutral at DA Davidson
03/20/20 DA Davidson
Inter Parfums downgraded to Underperform from Neutral at DA Davidson
03/11/20 Jefferies
Estee Lauder, Coty, L'Oreal price targets lowered at Jefferies
03/04/20 Raymond James
Inter Parfums price target lowered to $63 from $82 at Raymond James

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