RTTNews | Aug 10, 2020 04:31PM EDT

16:30 Monday, August 10, 2020 (RTTNews.com) - Inter Parfums, Inc. (IPAR) Monday reported second-quarter net loss of $3.1 million or $0.10 per share, compared to net income of $12.3 million or $0.39 per share last year.

Net sales plunged 70.2% to $49.5 million from $166.2 million last year. Sales by European based operations declined 68.6% to $39.4 million, while sales by U.S. based operations declined 75.2% to $10.1 million.

Analysts polled by Thomson Reuters expected a loss of $0.12 per share on revenues of $54.53 million.

Jean Madar, Chairman & CEO of Inter Parfums, Inc. noted, "Business has picked up since the April lows, but not near normalized levels. In recent months, sales and new orders have been moving in a positive direction, especially from Europe and Asia. While we are hopeful that this will continue, we recognize that the road ahead will be uneven, with starts and stops along the way."

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