Parlux fourth quarter results were boosted by sales of its Rihanna fragrance, however, full-year sales are still notably down in the wake of its loss of the licence for Guess products.
Net sales for the first quarter, ending March 31, were up by 63 per cent, from $17.7 million to $28.9 million. Net profits for the period were also up to $184,000, compared to a loss of $9.8m in the same period last year.
The strong figures are indicative of the company’s success in winning the licence for the Rihanna fragrance last year.
Parlux CEO Fred Purches expressed his delight in the results. We are extremely pleased with the substantial progress we have made in increasing sales of our basic business while launching one new iconic brand, Rihanna, to bring a comparable sales increase to 16 per cent for the year.”
The 16 per cent rise in comparable sales that Purches refers to doesn’t, however, take into account losses that resulted from the company’s loss of licensing rights for the Guess brand. Parlux lost the licensing rights for manufacturing cosmetics and fragrances under the brand at the beginning of the year.
