Inter Parfums, Inc. (NASDAQ:IPAR) Q2 2024 Earnings Conference Call August 7, 2024 11:00 AM ET
Company Participants
Karin Daly - VP, Equity Group & IR Representative
Jean Madar - Chairman & CEO
Michel Atwood - CFO
Conference Call Participants
Oliver Chen - TD Cowen
Linda Bolton-Weiser - D.A. Davidson
Ashley Helgans - Jefferies
Korinne Wolfmeyer - Piper Sandler
Hamed Khorsand - BWS Financial
Operator
Greetings. Welcome to Inter Parfums 2024 Second Quarter Earnings Call and Webcast. [Operator Instructions]. As a reminder, this conference is being recorded.
At this time, I would like to turn the call over to Karin Daly, Vice President at the Equity Group and Inter Parfums Investor Relations Representative. Thank you. You may begin.
Karin Daly
Thank you, Sherri, and good morning, everyone. Joining us on the call today will be Chairman and Chief Executive Officer, Jean Madar; and Chief Financial Officer, Michel Atwood.
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 heading Forward-Looking Statements and Risk Factors in its most recent Annual Report on Form 10-K. 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, consolidated results reflect the company's two business segments. European-based operations through their 72% owned French subsidiary, headquartered in Paris, Inter Parfums SA and United States-based operations through their wholly-owned subsidiaries headquartered in New York.
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 thank you for joining today's call.
The fragrance market continues to grow, but at a more modest pace than the rapid acceleration that followed the peak of the pandemic. We achieved record second quarter sales of $342 million, which comes as no surprise, as we are spacing our launches to minimize potential cannibalization within our portfolio and investing more time and money back into our industry and brands through our advertising and promotion structure.
Our method is well-balanced as we are working with top-tier brand ambassadors and influencers in addition to traditional media, including print, targeted ads and product reviewers.