Inter Parfums, Inc. (NASDAQ:IPAR) Q3 2023 Earnings Conference Call November 8, 2023 11:00 AM ET

Company Participants

Karin Daly - IR

Jean Madar - Co-Founder, Chairman & CEO

Conference Call Participants

Linda Bolton-Weiser - D.A. Davidson & Co.

Ashley Helgans - Jefferies

Korinne Wolfmeyer - Piper Sandler & Co.

Hamed Khorsand - BWS Financial

Operator

Greetings, and welcome to the Inter Parfums Inc. Third Quarter 2023 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 Vice President at the Equity Group and Inter Parfums' Investor Relations representative, Karin Daly.

Karin Daly

Thank you, Daryl. Joining us on the call today will be Chairman and Chief Executive Officer, Jean Madar. On behalf of the company, I would like to note that this conference call may contain forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from projected results. These factors may be found in the company's filings with the Securities and Exchange Commission under the headings Forward-Looking Statements and Risk Factors in their most recent annual report on Form 10-K or subsequent quarterly filings on Form 10-Q.

Forward-looking statements speak only as of the date on which they are made, and Inter Parfums undertakes no obligation to update the information discussed. As a reminder, Inter Parfums' consolidated results reflect their 2 business segments, European-based operations and United States-based operations. Certain prestige fragrance products are produced and marketed by European-based operations through their 72%-owned French subsidiary, Interparfums SA.

It's now my pleasure to turn the call over to Jean Madar. Jean, you may begin.

Jean Madar

Thank you, Karin. Good morning, everyone, and welcome to our third quarter conference call. Sadly, Michel's mother passed away yesterday and understandably, he is unable to join us this morning. So I will try my best to cover his financial remarks. Of course, we can arrange follow-up calls upon his return as needed. And of course, I will be able to also, as I'm in New York, to answer questions if you have after the call.

So the strength of the global fragrance market is still compelling but no longer growing at double-digit rates from the last 2-plus years. Fortunately, and by design, our year-to-date sales growth of 27% clearly indicates our ability to outperform the industry and gain market share. The success of our newer brands has been a growth catalyst for us, along with the excellent sell-through of our legacy brands, which we have enriched with innovative extensions rather than major new product launches.