Interparfums Inc (IPAR) 2025 Q3 法說會逐字稿

Greetings and welcome to Interparfums Inc.s 2025 3rd quarter conference call and webcast. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. As a reminder, this conference call is being recorded. At this time, I'd like to turn the call over to Karen Daly, Vice President of the Eququity Group and Interparfums investor relations representative.

各位好，歡迎參加 Interparfums Inc. 2025 年第三季電話會議和網路直播。目前，所有參與者均處於唯讀模式。正式演講結束後將進行簡短的問答環節。會議期間如有任何需要接線員協助，請按下電話鍵盤上的 0。再次提醒，本次電話會議正在錄音。此時，我想把電話交給Equiquity集團副總裁兼Interparfums投資者關係代表Karen Daly。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you, operator. Joining us on the call today will be Chairman and Chief Executive Officer Jean Mdar and Chief Financial Officer, Michelle Atwood. As a reminder, 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.

謝謝接線生。今天參加電話會議的有董事長兼執行長 Jean Mdar 和財務長 Michelle Atwood。提醒各位，本次電話會議可能包含前瞻性陳述，這些陳述涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致實際結果與預期結果有重大差異。

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. Forward-looking statements speak only as of the date on which they are made, and Interpark Rooms undertakes no obligation to update the information discussed.

這些因素可以在公司向美國證券交易委員會提交的文件中，在「前瞻性聲明」和「風險因素」標題下找到。前瞻性聲明僅代表其發布之日的情況，Interpark Rooms 不承擔更新所討論資訊的義務。

Inter Parpoon's consolidated results include two business segments, European-based operations, through Inter Parpoon's essay, the company's 72% owned French subsidiary, and United States-based operations. It's now my pleasure to turn the call over to Jean Mdar. Jean.

Inter Parpoon 的合併業績包括兩個業務部門：歐洲業務（透過 Inter Parpoon 持有 72% 股份的法國子公司 Inter Parpoon's Essay 開展）和美國業務。現在我很高興將電話轉交給 Jean Mdar。珍妮。

Thank you, Karen. Good morning everyone.

謝謝你，凱倫。大家早安。

Consistent with what we started to see in the second quarter, sales continued to moderate in the 3rd quarter as macroeconomic conditions remained uncertain.

與第二季開始出現的情況一致，由於宏觀經濟狀況仍然不明朗，第三季銷售額繼續放緩。

We are leaning further into innovation across our portfolio, focusing on product enhancement and new launches that better meet the dynamic preferences of consumers around the world.

我們將進一步增加對產品組合的創新投入，專注於產品改進和新產品發布，以更好地滿足世界各地消費者不斷變化的偏好。

These efforts are backed by compelling advertising and promotional support.

這些努力得到了強而有力的廣告和宣傳支持。

Increase brand awareness, drive consumer penetration, and strengthen our overall competitive position.

提高品牌知名度，提升消費者滲透率，增強我們的整體競爭地位。

As announced last month, first quarter and year-to-date sales were up 1% for both periods, with European-based operation sales rising 5% for the first quarter, building on top of last year's momentum, plus a stronger EUR compared to the dollar, while US-based operation sales declined 5% for the first quarter, excluding Deb.

正如上個月宣布的那樣，第一季和年初至今的銷售額均增長了 1%，其中歐洲業務的銷售額在第一季度增長了 5%，這得益於去年的增長勢頭以及歐元兌美元的走強；而美國業務的銷售額在第一季度下降了 5%（不包括 Deb）。

For our largest brands, Jimmy Chou fragrance sales surged 16% during the quarter, largely driven by the I Want You fragrance family and also Jimmy Choo man.

在我們最大的品牌中，Jimmy Choo香水銷量在本季成長了16%，這主要得益於I Want You香水系列和Jimmy Choo男士香水的銷售成長。

In addition, the 6% quarter over quarter growth in Coach Fegan's sales was fueled by its established lines and the launch of Coach Gold.

此外，Coach Fegan 銷售額環比增長 6%，這得益於其成熟的產品線和 Coach Gold 的推出。

While Mont Blanc fragrance sales dipped slightly due to innovation phasing.

由於創新階段性調整，萬寶龍香水銷售量略有下降。

And Lacoste fragrances are on track for $100 million in sales this year.

Lacoste香水今年的銷售額可望達到1億美元。

I would like to note that in the 1st 9 months of 2024, sales by US-based operations rose 11% with the addition of Roberto Cavalli into our brand portfolio, setting a high bar for this year.

我想指出，2024 年前 9 個月，隨著 Roberto Cavalli 加入我們的品牌組合，美國業務的銷售額成長了 11%，為今年設定了一個很高的目標。

In 2025 we are further capitalizing on this newer brand through the successful launch of Serpentine, the new feminine fragrance from Cavalli.

2025年，我們將透過成功推出 Cavalli 的新款女士香水 Serpentine，進一步利用這個新興品牌。

Additionally, we are seeing increasing consumer demand in Donna Karan fragrance adjacentcies such as a very popular deodorant.

此外，我們看到消費者對 Donna Karan 香水相關產品（例如非常受歡迎的除臭劑）的需求不斷增長。

We also had new products rolled out late in the 1st quarter that will mostly support 4th quarter sales in our US-based operation which include Lamia Bella Vita for guests, Sublime Leather from Ferragamo, 2 new extensions for DKNY.

我們也在第一季末推出了一些新產品，這些產品將主要支援我們在美國業務的第四季度銷售，其中包括 2 個面向客人的 Lamia Bella Vita、Ferragamo 的 Sublime Leather 以及 DKNY 的 2 個新擴展系列。

A new subcollection of Roberto Cavalli called Marvelous, plus the Just Cavalli duo Gi Magic and Abercrombie and Fierce Reserve. We started phase three of the distribution of fierce Rollard in May to additional countries including the UK and launched fierce and fierce Reserve together at nearly 50 different points of sale.

Roberto Cavalli 的新子系列 Marvelous，以及 Just Cavalli 的 Gi Magic 和 Abercrombie 的 Fierce Reserve 系列。5 月，我們啟動了 Fierce Rollard 的第三階段分銷，擴展到包括英國在內的其他國家，並在近 50 個不同的銷售點同時推出了 Fierce 和 Fierce Reserve。

We see the momentum accelerating and look to further the brand's reach.

我們看到發展動能正在加速，並希望進一步擴大品牌的影響力。

The 3rd quarter was also a milestone for us with the introduction of our 1st ultra luxury direct to consumer offering.

第三季對我們來說也是一個里程碑，因為我們推出了首個超豪華直接面向消費者的產品系列。

The $0.10 Solfirio collection.

Solfirio 系列，售價 0.10 美元。

Our flagship boutique opened in the heart of Paris, luxury district, and we are now selectively building relationships with approximately 40 retail stores, rolling out the brand thoughtfully.

我們的旗艦精品店在巴黎市中心的奢侈品區開業，目前我們正在選擇性地與大約 40 家零售店建立合作關係，謹慎地推廣品牌。

By next September we have set our sights on 100 doors with a goal of product placement in 500 stores by the end of 2030.

到明年九月，我們的目標是進駐 100 家門市，並計劃在 2030 年底在 500 家門市進行產品陳列。

As we refine our craft in luxury and artisanal fragrances, we will leverage the insights we gain to elevate and better serve the other brands within our portfolio.

隨著我們在奢華和手工香水領域不斷精進技藝，我們將利用所獲得的洞察力來提升和更好地服務我們旗下的其他品牌。

We invite you to discover the passion behind self-fio.

我們誠摯邀請您來探索selffio背後的熱情。

But you can see on our website, our first fully owned direct to consumer e-commerce channel.

但您可以在我們的網站上看到，我們第一個完全自主運作的直接面向消費者的電子商務管道。

So fragrance sales are accelerating across digital platforms as e-commerce has firmly established itself. In fact, according to Euromonitor, fragrance has roughly 50% market share within the beauty category on Amazon.

隨著電子商務的穩步發展，香水銷售在數位平台上加速成長。事實上，根據歐睿國際的數據，香水在亞馬遜美容類別中佔據了約 50% 的市場。

We are seeing similar trends as e-commerce platforms continues to be a bright spot for us.

我們看到類似的趨勢，電子商務平台仍然是我們業務的一大亮點。

Our business on Amazon is strong.

我們在亞馬遜上的業務表現強勁。

Diva Box and TikTok Shop allow us to market and transact smaller size products, increasing our visibility to consumers looking to play in prestige and luxury with more affordability.

Diva Box 和 TikTok Shop 讓我們能夠銷售和交易小尺寸產品，提高我們在希望以更實惠的價格享受尊貴和奢華體驗的消費者中的知名度。

All told, the influencer magic of social media plays a powerful role in driving both traffic and purchases on Amazon.

總而言之，社群媒體的影響者效應在推動亞馬遜的流量和銷售方面發揮著強大的作用。

Another important but relatively small channel for us is travel retail, which grew 13% in the third quarter compared to last year, driven by Lacos, Jimmy Chou, coach, and guests, as well as others in our portfolio.

對我們來說，另一個重要但規模相對較小的管道是旅遊零售，第三季比去年同期成長了 13%，這主要得益於 Lacos、Jimmy Chou、Coach 和 Guests 以及我們投資組合中的其他品牌。

The popularity of our products across traveling consumers is aiding us in securing more shelf space.

我們的產品深受旅遊消費者的歡迎，這有助於我們獲得更多的貨架空間。

And expand SKU presence at duty-free venues. We anticipate incremental growth in our travel retail business going forward.

並擴大免稅店的 SKU 覆蓋範圍。我們預計未來旅遊零售業務將逐步成長。

Turning to other key operational updates, we are always looking for ways to improve efficiency and streamline our supply chain to help manage cost pressure and support long-term growth. We are confident in the steps we have recently taken, including transitioning to 100% 3rd party providers for packing, shipping, warehousing, and other fulfillment. We expect this to be completed by the end of the year.

再來看其他重要的營運更新，我們一直在尋找提高效率和簡化供應鏈的方法，以幫助控製成本壓力並支持長期成長。我們對最近採取的措施充滿信心，包括將包裝、運輸、倉儲和其他物流服務全部外包給第三方供應商。我們預計這項工作將在年底前完成。

We are also actively shifting our manufacturing closer to the point of sale for certain US products produced SKU sold primarily in Europe and other regions.

對於主要銷往歐洲和其他地區的某些美國產品，我們也積極地將生產轉移到更靠近銷售點的地方。

These operational improvements will help us navigate the ongoing geopolitical or macroeconomic uncertainty with more agility while allowing us to maintain strong service levels.

這些營運改善將幫助我們更靈活地應對持續的地緣政治或宏觀經濟不確定性，同時使我們能夠維持較高的服務水準。

Regarding terrorists.

關於恐怖分子。

Our view remains largely consistent with that of 3 months ago.

我們的觀點與3個月前基本一致。

We have successfully implemented many of the interventions we had previously identified to limit the expected impact for imports into the United States.

我們已成功實施了先前確定的許多幹預措施，以限制對美國進口的預期影響。

Our immediate actions and strategic supply chain initiatives have proven effective, and our last step is to implement a more cost-effective approach leveraging the first sale rule for the finished goods that we import into the US that are made in Europe by our European-based operation.

我們立即採取的行動和戰略供應鏈舉措已被證明是有效的，我們的最後一步是實施更具成本效益的方法，利用首次銷售規則，對我們進口到美國、由我們位於歐洲的工廠在歐洲生產的成品進行銷售。

This will require additional IT development, which we expect to have implemented by the second quarter of 2026.

這將需要額外的IT開發，我們預計將在2026年第二季完成。

As noted previously, we also began implementing pricing actions in August, and we are now starting to see the effects.

如前所述，我們從 8 月開始實施價格調整措施，現在開始看到效果。

Early indicators show that these higher prices will help offset higher input costs in dollars, but will still likely result in some gross margin erosion.

初步跡象表明，這些更高的價格將有助於抵消以美元計價的更高投入成本，但仍可能導致毛利率下降。

We are also being more pricing.

我們也在進行更嚴格的定價。

We're also seeing more pricing in the fragrance and cosmetic market, namely in the US, where we saw unit prices increase during the first quarter by an average of 5.9%, up from 1.2% at the end of June.

我們也看到香水和化妝品市場的價格上漲趨勢更加明顯，尤其是在美國，第一季單位價格平均上漲了 5.9%，高於 6 月底的 1.2%。

During the month of September, unit price increases averaged 7.2% for the industry, indicating 5% to 6% price in making its way to the consumer, which will likely slow overall growth.

9 月份，該行業單價平均上漲 7.2%，這意味著 5% 到 6% 的價格上漲將轉嫁給消費者，這可能會減緩整體成長。

Of note, we have only taken pricing on select brands.

需要注意的是，我們只收集了部分品牌的價格資訊。

Mostly prestige and luxury, as lifestyle brand consumers tend to be more sensitive to price increase.

主要是聲望和奢侈品，因為生活風格品牌的消費者往往對價格上漲更加敏感。

At the company level, our 2% average price increase will continue to take effect through year round and into 2026.

公司層面，我們2%的平均價格上漲將持續全年，直至2026年。

At this time we do not plan to implement any further pricing actions unless a significant change in the market occurs.

目前，除非市場發生重大變化，否則我們不打算採取任何進一步的價格調整措施。

On the inventory front, some retailers are using AI and other tools to optimize their inventory levels. While store level sales have been growing, we are not yet seeing the same strength in reorders as sales through out spaces sell in.

在庫存方面，一些零售商正在使用人工智慧和其他工具來優化庫存水準。雖然門市銷售額一直在成長，但我們尚未看到補貨量與各銷售通路的銷售額一樣強勁。

That said, we are ready to move quickly to make sure retailers have our products on their shelves should they choose to replenish.

也就是說，如果零售商選擇補貨，我們將迅速採取行動，確保他們的貨架上有我們的產品。

Before I turn things over to Michelle, I am proud to share some great news. Women's Wear Daily has named Parson its Beauty Company of the Year in the public company category. This recognition is truly rewarding and reflects the strength of our brands, the creativity of our teams, and the enduring partnership we have built with fashion houses, distributors, and retailers around the world.

在把麥克風交給米歇爾之前，我很榮幸能與大家分享一些好消息。《女裝日報》將 Parson 評為年度最佳美容公司（上市公司類別）。這項認可令人倍感欣慰，它體現了我們品牌的實力、我們團隊的創造力，以及我們與世界各地的時裝公司、分銷商和零售商建立的持久合作關係。

So I was at this event to accept the award on behalf of our talented team and leadership, and I look forward to continuing to explore new ideas and help shape the world of fragrance together with each of you.

因此，我出席這場活動是為了代表我們才華橫溢的團隊和領導層接受這個獎項，我期待著繼續與大家一起探索新的想法，共同塑造香水世界。

With that, I will turn it over to Michelle. Michelle.

接下來，我將把麥克風交給米歇爾。米歇爾。

Thank you, Jean, and good morning, everyone.

謝謝你，珍妮，大家早安。

As reported, we delivered net sales of $430 million for the third quarter, resulting in a 1% increase for both the three and nine months ended September 30th, 2025.

據報告，我們第三季淨銷售額為 4.3 億美元，截至 2025 年 9 月 30 日的三個月和九個月期間均成長了 1%。

The impact of foreign exchange aided our topline performance contributing to 2 points of growth in the 3rd quarter and 1% on a year-to-date basis. But the stronger EUR also increased our cost base in the rest of the P&L and our balance sheet.

外匯匯率的影響對我們的營收業績起到了促進作用，第三季營收成長了 2 個百分點，年初至今成長了 1%。但歐元走強也增加了我們損益表其他部分和資產負債表的成本基礎。

Organic sales excluding FX and Dunhill declined 1% in the third quarter but rose 1% for the first nine months of the year.

剔除 FX 和 Dunhill 的影響，第三季有機銷售額下降了 1%，但今年前九個月成長了 1%。

Gross margin for the first nine months expanded by 80 basis points to 64.4% from 63.6% during the prior year period, and this was driven by favorable segment, brand, and channel mix in the first nine months of 2025.

前九個月的毛利率較上年同期成長 80 個基點，從 63.6% 增至 64.4%，這主要得益於 2025 年前九個月有利的細分市場、品牌和通路組合。

In the third quarter, however, gross margins declined by 40 basis points to 63.5% as these favorable tailwinds were more than offset by the impacts of higher tariffs on our US imports, which represented about $6 million for the quarter.

然而，第三季毛利率下降了 40 個基點，至 63.5%，因為這些有利的順風被美國進口商品加徵關稅的影響所抵消，該季度進口商品價值約 600 萬美元。

Although we implemented price increases and also tariff interventions, these price increases happened later in the quarter and only had a minor benefit on the results for the quarter. If we exclude the tariffs, gross margins would have improved by 100 basis points.

雖然我們實施了提價和關稅幹預措施，但這些提價措施是在本季度後期實施的，並且對該季度的業績只產生了輕微的影響。如果排除關稅，毛利率將提高 100 個基點。

SG&A expenses as a percentage of net sales were 38.2% and 42.4% respectively for the third quarter and first nine months of 2025.

2025 年第三季及前九個月的銷售、一般及行政費用佔淨銷售額的百分比分別為 38.2% 及 42.4%。

As compared to 38.9% and 41.8% for the prior year periods, the decrease during the quarter and increase year-to-date reflect a more even distribution of A&P activities over the course of 2025, which totals $66 million or 15.3% of third quarter sales and $186 million or 16.9% of year-to-date net sales respectively.

與去年同期的 38.9% 和 41.8% 相比，本季下降和年初至今的成長反映了 2025 年 A&P 活動的分佈更加均勻，分別佔第三季銷售額的 6,600 萬美元（15.3%）和年初至今淨銷售額的 1.86 億美元（16.9%）。

We continue to invest in AP activities ahead of our growth and in line with our expected sellout trends, and we will continue to do so in the 4th quarter.

我們將繼續加大對AP業務的投資，以滿足成長需求並符合預期的銷售趨勢，第四季我們將繼續這樣做。

Overall consolidated operating income and margin improved for both the quarter and year-to-date compared to prior year periods. Operating income was $109 million for the quarter, a 2% increase, resulting in an operating margin of 25.3%, or a 30 basis points expansion from the prior year.

與去年同期相比，本季和年初至今的整體合併營業收入和利潤率均有所提高。本季營業收入為 1.09 億美元，成長 2%，營業利潤率為 25.3%，比上年同期成長 30 個基點。

On a year-to-date basis, operating income increased by 2% to 243 million with an operating margin of 22% or 10 basis points improvement versus prior year.

今年迄今為止，營業收入成長 2% 至 2.43 億，營業利潤率為 22%，比上年提高了 10 個基點。

Now looking below the operating line, we reported a loss of $7.7 million for the first nine months of 2025, and this is pretty close to what we had last year where we had a loss of $7.1 million.

現在來看看營運成本以下部分，我們報告 2025 年前九個月虧損 770 萬美元，這與我們去年虧損 710 萬美元的情況非常接近。

The year over year changes primarily reflects a couple of factors. First, we have higher losses on foreign currency. We lost $4.6 million compared to 3.1 million in the prior period.

同比變化主要反映了以下幾個因素。首先，我們的外匯損失較大。與上一季虧損 310 萬美元相比，本季虧損 460 萬美元。

And as the significant swings in the EUR exchange rate throughout the year have helped our top-line, but have to larger than usual FX losses.

儘管歐元匯率在一年中的大幅波動對我們的營收有所幫助，但也造成了比平常更大的外匯損失。

The second factor was the impact on marketable securities where we recorded a loss of $2.5 million in the first nine months of 2025 compared to a loss of 800,000 in the first nine months of 2024.

第二個因素是對有價證券的影響，2025 年前九個月我們錄得 250 萬美元的損失，而 2024 年前九個月的損失為 80 萬美元。

Conversely, and thanks to the strengthening cash positions, changes in interest expenses and interest income were favorable year over year, with net interest expenses of $1.8 million during the first nine months of this year as compared to a net interest expense of $2.9 million in the prior year period.

相反，由於現金狀況的改善，利息支出和利息收入的變化同比有利，今年前九個月的淨利息支出為 180 萬美元，而上年同期的淨利息支出為 290 萬美元。

Our consolidated effective tax rate on a year-to-date basis was 23.5%, down 20 basis points from 23.7% in the prior year period, as we benefited from a one-time favorable tax gain of $2 million in the quarter following a positive outcome from prior year tax assessments, and essentially it was a mutual agreement procedure that we that we successfully got through.

今年迄今為止，我們的綜合有效稅率為 23.5%，比上年同期的 23.7% 下降了 20 個基點，因為我們在本季度受益於 200 萬美元的一次性有利稅收收益，這是由於上一年的稅務評估結果為積極，而這本質上是我們成功完成的一項相互協商程序。

These factors combined with our discipline, execution, and cost management led to third quarter net income of $66 million or $2.05 per diluted share, which is a 6% increase over last year's third quarter. And for the first nine months of the year, net income is consistent at $140 million with diluted earnings up modestly $0.02 to $4.36.

這些因素，再加上我們的紀律、執行力和成本管理，使得第三季淨收入達到 6,600 萬美元，即每股攤薄收益 2.05 美元，比去年第三季成長了 6%。今年前九個月，淨收入穩定在 1.4 億美元，稀釋後收益小幅成長 0.02 美元，達到 4.36 美元。

Moving to our two business segments, starting with European-based operations, as Jean pointed out, net sales rose 5 and 6% on a reported basis and 1 and 4% on an organic basis for the 1st 3 and 9 months ended in September.

接下來談談我們的兩個業務部門，首先是歐洲業務，正如 Jean 指出的那樣，截至 9 月份的前 3 個月和 9 個月，淨銷售額按報告基準分別增長了 5% 和 6%，按有機增長基準分別增長了 1% 和 4%。

Gross margin was 66% for the quarter and 66.6% year-to-date compared to prior year periods of 66.2 and 6.3. The slight quarterly decline reflects tariff impacts on our European operations which were partially offset by pricing gains in the United States and a favorable brand and channel mix.

本季毛利率為 66%，年初至今毛利率為 66.6%，去年同期分別為 66.2% 及 6.3%。季度小幅下滑反映了關稅對我們歐洲業務的影響，但美國市場的價格上漲以及有利的品牌和通路組合部分抵消了這一影響。

While SG&A expenses increased 1% and 5% for the quarter and year-to-date respectively, SG&A as a percentage of net sales declined by 110 basis points and 40 basis points respectively.

雖然本季和年初至今的銷售、一般及行政費用分別成長了 1% 和 5%，但銷售、一般及行政費用佔淨銷售額的百分比分別下降了 110 個基點和 40 個基點。

A&P expenses totaled $44 million for the quarter and $133 million on a year-to-date basis, representing 15 and 17% of net sales.

本季廣告和促銷費用總計 4,400 萬美元，年初至今總計 1.33 億美元，分別佔淨銷售額的 15% 和 17%。

Overall, net income attributable to European operations as a percentage of net sales exhibited strong growth, with net income margin expanding 230 basis points for the quarter and 50 basis points for the year.

整體而言，歸屬於歐洲業務的淨利潤佔淨銷售額的百分比呈現強勁增長，本季淨利潤率增長了 230 個基點，全年淨利潤率增長了 50 個基點。

Turning to our United States-based operations, net sales declined by 5% and 6%, excluding the phase-out of Dunhill for the 3 and 9 month period.

再來看我們在美國的業務，淨銷售額分別下降了 5% 和 6%，不包括 Dunhill 品牌在 3 個月和 9 個月期間的逐步淘汰。

The phase out of Dunhill fragrances was completed in August 2024, so at this point in time we've completely lopped that event.

Dunhill 香水的停產計劃已於 2024 年 8 月完成，因此目前我們已經完全取消了該活動。

Gross margin declined by 110 basis points in the third quarter due to transitional tariff impacts and brand and channel mix, but expanded by 80 basis points to 59% largely due to the discontinuation of the low margin downhill sales that impacted the prior year period.

由於過渡性關稅的影響以及品牌和通路組合的變化，第三季毛利率下降了 110 個基點，但由於去年同期影響較大的低利潤率下坡銷售的停止，毛利率增長了 80 個基點，達到 59%。

On the SG&A side, SG&A decreased 4% for the quarter and 2% for the year as we put in place strong cost containment measures. However, SG&A as a percentage of net sales rose to 39.7% and 44% for the 1st 3 and 9 month period, reflecting the lower sales.

在銷售、一般及行政費用方面，由於我們採取了強有力的成本控制措施，本季銷售、一般及行政費用下降了 4%，全年下降了 2%。然而，銷售、一般及行政費用佔淨銷售額的百分比在前 3 個月和前 9 個月分別上升至 39.7% 和 44%，反映出銷售額的下降。

A&P expenses represented 16% of net sales for the quarter and year-to-date basis, representing $21 million and $0.53 million dollars respectively.

本季及年初至今的廣告和促銷費用佔淨銷售額的 16%，分別為 2,100 萬美元和 53 萬美元。

Overall net income attributable to United States operations declined 14% to $21 million for the quarter and 20% to $39 million year-to-date, primarily reflecting the lower sell-in.

本季歸屬於美國業務的整體淨利潤下降 14% 至 2,100 萬美元，年初至今下降 20% 至 3,900 萬美元，主要反映銷售收入下降。

At September 30th, our balance sheet remains strong, with $188 million in cash and cash equivalents and short-term investments and working capital of $688 million.

截至 9 月 30 日，我們的資產負債表依然穩健，擁有 1.88 億美元的現金及現金等價物和短期投資，以及 6.88 億美元的營運資金。

Accounts receivable was up 3% from last year's 3rd quarter, slightly ahead of growth driven by channel mix and foreign exchange.

應收帳款較去年第三季成長 3%，略高於通路組合和外匯匯率帶來的成長。

We continue to have a strong collection activity.

我們的催收活動持續強勁。

We've also made meaningful progress on inventory management this quarter. Inventory levels as of September 30, 2025 decreased 6% from 2024 3rd quarter as we remain focused on executing an inventory reduction strategy.

本季我們在庫存管理方面也取得了顯著進展。截至 2025 年 9 月 30 日，庫存水準較 2024 年第三季下降 6%，因為我們將繼續專注於執行庫存削減策略。

The composition of our inventory has also improved with a higher mix of finished goods relative to components. This shift positions us well to continue to drive inventory efficiencies as we get into the year end.

我們的庫存組成也得到了改善，成品與零件的比例有所提高。這一轉變使我們能夠更好地在年底前繼續提高庫存效率。

By effectively managing our working capital in line with sales, year-to-date operating cash flow increased $68 million up $18 million from prior year period, reflecting 38% of net income compared to $50 million or 28% of net income in the same period last year.

透過有效管理與銷售額相符的營運資本，今年迄今的經營現金流比上年同期增加了 6,800 萬美元，增加了 1,800 萬美元，佔淨收入的 38%，而去年同期為 5,000 萬美元，佔淨收入的 28%。

Obviously the cash is higher in the run up until the last quarter of the year and should get better at the end of the year.

顯然，在年底前最後一個季度，現金流狀況更好，年底情況應該會更好。

We also took advantage of our stronger cash position and the recent drop in the stock price to continue our share repurchase program. Year-to-date, we have repurchased $7.5 million in shares and we will continue. To evaluate additional share repurchases if the stock price remains below what is believed what we believe is the intrinsic value.

我們也利用公司更充裕的現金儲備和近期股價下跌的機會，繼續推行股票回購計畫。今年迄今為止，我們已經回購了價值 750 萬美元的股票，並將繼續回購。如果股價持續低於我們認為的內在價值，我們將評估是否需要額外的股票回購。

As we have communicated in the past, our fully owned French subsidiary Interparfa Holding SA, essentially an empty shell, will merge into our French subsidiary Interparfin Essay. Which is a public entity. Since IPH hasn't conducted any business, we do not expect this merger to have any material impact on our shareholders. Following the completion of the merger next month, our company Interparfa Inc. Will continue to own roughly 72% of Interpar from SA, but this will now be a direct ownership as opposed to an indirect ownership, and will supply simplify our corporate structure.

正如我們過去所溝通的那樣，我們全資擁有的法國子公司 Interparfa Holding SA（本質上是一個空殼公司）將併入我們的法國子公司 Interparfin Essay。這是一個公共實體。由於 IPH 沒有開展任何業務，我們預期此合併不會對我們的股東產生任何實質影響。合併完成後，我們的公司 Interparfa Inc. 將於下個月正式成立。我們將繼續持有南非 Interpar 約 72% 的股份，但這將是直接持有而非間接持有，這將簡化我們的公司結構。

Moving to our current year guidance and as per our earnings released yesterday evening and reflective of current market dynamics and year to day trends through September, we are refining our full year 2025 outlook. We now expect sales of approximately $1.47 billion representing 1% year over year growth and diluted earnings per share of $5.12 which is in line with 2024. Additionally, while we will provide more formal for year 2026 guidance on Tuesday, November 18th, we currently anticipate moderate top and bottom line growth in that year, generally in line with what we are seeing this year. We anticipate a return to stronger growth in 2027, driven by enhanced innovation, including the developments and distribution of our newest licenses, off-white.

展望本年度業績，根據我們昨晚發布的收益報告，並考慮到當前市場動態和截至 9 月份的年度趨勢，我們正在調整 2025 年全年展望。我們現在預計銷售額約為 14.7 億美元，年增 1%，稀釋後每股收益為 5.12 美元，與 2024 年的預期一致。此外，雖然我們將在 11 月 18 日星期二提供更正式的 2026 年業績指引，但我們目前預計該年營收和利潤將實現溫和增長，與我們今年所看到的總體情況一致。我們預計在 2027 年將恢復強勁成長，這得益於創新能力的提升，包括我們最新授權品牌 off-white 的開發和分銷。

Sulfa, off-white, Lonchan, as well as Gutao.

磺胺、灰白色、隆昌以及谷濤。

While demand has moderated in several international markets, our core business and fundamentals remain strong.

儘管一些國際市場的需求有所放緩，但我們的核心業務和基本面依然強勁。

We have a robust pipeline of innovation, enduring partnerships with global distributors and retailers, and a resilient consumer base. Overall, we remain confident in the strength of our business model and our ability to deliver sustainable performance and long-term value as we have for more than 4 decades.

我們擁有強大的創新產品線、與全球經銷商和零售商建立的持久合作夥伴關係，以及強大的消費群體。總體而言，我們仍然對我們的商業模式的實力以及我們實現可持續業績和長期價值的能力充滿信心，就像過去 40 多年一樣。

Okay, thank you.

好的，謝謝。

Thank you. I'll now be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 2 if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the keys. One moment please while we pull for your questions.

謝謝。接下來我將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的 1。確認音表示您的線路已進入排隊佇列。如果您想從佇列中移除您的問題，可以按 2。對於使用揚聲器裝置的參與者，可能需要在按鍵前拿起聽筒。請稍等片刻，我們正在整理您的問題。

Our first question comes from the line of Ashley Helgens with Jeffries. Please proceed with your question.

我們的第一個問題來自 Ashley Helgens 和 Jeffries 的提問。請繼續提問。

Hi, this is Sydney on for Ashley. Thanks for taking our question. I'm just curious if you can share a little bit more about what you're seeing heading into holiday, maybe that gives you confidence or caution there. And then in terms of the price increase, would love to hear what feedback you guys received, from retailers as well as, the consumers, any extra color that would be helpful.

大家好，這裡是悉尼，為您報道阿什利。感謝您回答我們的問題。我只是好奇，您能否多分享一下您對即將到來的假期的看法，或許這能讓您更有信心或更謹慎一些。至於價格上漲方面，很想聽聽你們從零售商和消費者那裡收到了哪些回饋，以及是否有其他有用的資訊。

Thank you.

謝謝。

I can, hello, I can TRY to answer on the holiday what do we think about the holiday.

我，你好，我可以試著回答一下關於假期裡我們對假期的看法。

We had a strong October.

十月份我們業績強勁。

We continue to sell gift set in October.

十月我們繼續販售禮品套裝。

These sets will arrive in stores in November or December, and our forecast for November is also quite strong.

這些套裝將於 11 月或 12 月到店銷售，我們對 11 月的銷售預測也相當樂觀。

So it means that Retailers are continuing to buy.

這意味著零售商仍在繼續採購。

The inventory at store level is not high. I was we are monitoring this.

門市庫存並不高。我們正在密切關注這一情況。

In department store on a daily basis, Amazon sales are starting to pick up, but of course this type of purchase will be done in the last two weeks of the year, so.

百貨公司的日常銷售額開始回升，亞馬遜的銷售額也開始上升，但當然，這種類型的購買通常會在一年中的最後兩週進行。

This year, we are not going for the holiday season.

今年我們不打算過節了。

Pricing. The second part of your question is about pricing.

定價。您問題的第二部分是關於定價的。

We took a very modest pricing compared to other companies, and it was, I would say, quite well accepted.

與其他公司相比，我們的定價非常合理，而且我認為這個價格相當受歡迎。

We didn't increase price prices across all our brands. We selected the most prestige, the most elevated.

我們並沒有提高旗下所有品牌的價格。我們選擇了最有聲望、最高尚的。

This is where we think there is more elasticity.

我們認為這方面彈性較大。

And we did not increase prices on the more democratic lines that we have or the more lifestyle brands that we have in the portfolio, but we didn't see too much resistance.

我們沒有提高旗下較親民的品牌或生活風格品牌的價格，但也沒有遇到太大的阻力。

Neither from the retailers nor nor consumers.

既不是零售商也不是消費者。

Yeah, maybe just to build on jean. I mean, ultimately I think everybody was expecting that with the impact of tariffs there were going to be inevitably some of that was going to be passed on to the consumer. I think clearly we've seen this across the board in Particularly in the US and the third quarter, as I was saying before, we're seeing, before, year-to-date June unit pricing, which reflects obviously pricing mix and other factors, was up by about 1.2% versus prior year.

是啊，也許只是為了在 Jean 的基礎上進行改進。我的意思是，最終我認為每個人都預料到，關稅的影響不可避免地會有一些成本轉嫁到消費者身上。我認為很明顯，我們已經全面看到了這一點，尤其是在美國和第三季。正如我之前所說，我們看到，截至6月份的年初至今的單位價格（顯然反映了價格組合和其他因素）比上年同期上漲了約1.2%。

We've clearly seen an acceleration in the 3rd quarter. Our unit pricing is up close to 6%, and if you really zoom into September, it's close to 7%. So definitely there's been a lot of pricing that's been taken.

我們已經明顯看到第三季增速加快。我們的單位價格上漲了近 6%，如果仔細觀察 9 月的數據，漲幅接近 7%。所以肯定已經有很多定價策略被採納了。

It's not, it's very selective from brand to brand, but. Generally speaking, we are seeing that acceleration and it hasn't really significantly impacted units. Units sales are roughly growing about 1%.

並非如此，不同品牌的情況非常特殊，但是…總的來說，我們看到了這種加速成長的趨勢，但這並沒有對銷售產生實質的影響。銷量大約成長了1%。

So the market growth is driven by pricing again in this third quarter.

因此，第三季市場成長再次由價格驅動。

That's helpful. If I can maybe just poke one more in there and apologies if I missed, but, there was some talk last quarter about just shipment timing, maybe shifting between Q3 and Q4. I maybe I missed if you guys mentioned kind of where that ended up shaking out.

那很有幫助。如果我能再補充一點，如果我漏掉了什麼，請見諒。上個季度有人討論過出貨時間的問題，可能會從第三季推遲到第四季。如果你們提到這件事最終是如何解決的，我可能錯過了。

I mean, we've certainly seen, a little bit less holiday sets being sold into the 3rd quarter relative to what we normally see, and you know we have seen some of that pick up during the month of October, but it isn't significant. I think the main thing here really, Ashley is Sydney, sorry, is that. Is that we continue to see a bit of a disconnect between sell in and sell out. There continues to be a couple of points difference. The markets are still up.

我的意思是，我們確實看到，與往常相比，第三季度節日套裝的銷量有所下降，而且你知道，我們在 10 月份看到銷量有所回升，但這並不顯著。我覺得最關鍵的是，Ashley 就是 Sydney，抱歉，就是這樣。我們仍然看到進貨和出貨之間存在一些脫節。雙方仍存在幾分的差距。市場依然上漲。

The market actually in the US for the third quarter was up 7% and is up 4% on a year-to-date basis, so consumption remains very healthy.

美國市場第三季實際成長了 7%，年初至今成長了 4%，因此消費依然非常健康。

We're just seeing, continuing to see a small disconnect of a couple of points between sell in and sell out, and not only for us but also for our competitors. I'm sure you've all seen all of our competitors have now published their earnings and pretty much everybody, with the exception of maybe Cody, which was an outlier on the way down, and Lauder an outlier on the way up. Everybody's been hovering around 2%. Which is pretty consistent with what what what we, what we posted. So, overall I think, we are seeing at a macro level, this continued, destocking that's impacting us. By the way, this isn't any different than what we're doing as well because if you look at our inventories are also down as we're trying to get more efficient with our inventory and of course everybody's basically doing that.

我們發現，銷售進貨量和銷售出貨量之間存在一些小的脫節，這種情況不僅發生在我們身上，也發生在我們的競爭對手身上。我相信大家都已經看到，我們所有的競爭對手都公佈了他們的收益，幾乎所有公司都取得了不錯的成績，除了 Cody（它在下跌過程中是個例外）和 Lauder（它在上漲過程中是個例外）。大家的比例都徘徊在 2% 左右。這和我們發布的內容基本上一致。所以總的來說，我認為，從宏觀層面來看，我們正在看到這種持續的去庫存化對我們產生影響。順便說一句，這和我們正在做的事情並沒有什麼不同，因為如果你看看我們的庫存，你會發現我們的庫存也在下降，因為我們正在努力提高庫存效率，當然，基本上每個人都在這樣做。

Thank you.

謝謝。

Thank you. Our next question comes from the line of Susan Anderson with Cannaco Genuity. Please proceed with your question.

謝謝。我們的下一個問題來自 Cannaco Genuity 的 Susan Anderson。請繼續提問。

Hi Good afternoon. Thanks for taking my question.

您好，下午好。謝謝您回答我的問題。

I guess maybe if you could just talk about kind of looking out over the next two years, you have a number of new brands rolling out I guess how should we think about just that growth profile in terms of what will be driving the growth? Do you think that, the combination of these new brands, I guess how much growth are you expecting them to drive as well as, just continuing to grow your existing brands whether that be the smaller ones or the larger ones.

我想，如果您能談談展望未來兩年，您有很多新品牌即將推出，那麼我們應該如何看待這種成長前景，以及什麼將推動成長？您認為這些新品牌的組合，以及您預計它們將帶來多大的成長，同時您也將繼續發展您現有的品牌，無論是規模較小的品牌還是規模較大的品牌。

Yes, I can TRY to answer, but So, when you look at the portfolio today, we have added two, excuse me, three important license or purchase of trademark.

是的，我可以嘗試回答，但是，當你今天查看我們的產品組合時，我們會發現我們增加了兩項，抱歉，是三個重要的商標許可或購買。

One is off-white, and you will see a sales of white in 2027.

其中一種是米白色，預計 2027 年白色產品銷售量會上升。

We bought also the business of Ami Gutal.

我們也收購了 Ami Gutal 的公司。

It is a prestige line.

這是一個高端系列。

Of fragrance and you will start seeing some business in 26 but in more than 27 and more important, I think the largest potential is with the license that we signed with Longchamp.

香水業務方面，26 年你會開始看到一些業務，但 27 年以後會發展得更好，更重要的是，我認為最大的潛力在於我們與 Longchamp 簽署的授權協議。

Longchamp is a great bag manufacturer as you know we had a great.

如你所知，Longchamp是一家很棒的包款製造商，我們之前有過很棒的合作。

The journey with the coach and we see that Longchamp has a a a a.

與教練一起的旅程，我們看到 Longchamp 有 a a a。

A great grand territory that we can exploit for fragrances, will be.

一片廣袤無垠的土地，我們可以從中開發出香水產品。

Can be within 3 to 5 years $100 million and that's what we are so 2026 will be, I would say modest because the growth will be modest because we'll be waiting for the imported launch at the end of 26, beginning of 20,207. You should.

3到5年內可能達到1億美元，這就是我們目前的狀況，所以2026年將會是，我認為增長幅度不大，因為我們要等到2026年底或2027年初進口產品上市。你應該。

Yeah, I would just also say that, we have also added quite a lot of brands, quite a lot of large brands over the last couple of years with, Cavalli, Donna Karan, Lacoste and, the year before Ferragamo. At this point in time, if we look at the portfolio that we've added, these are large brands and they're growing, but obviously, the smaller brands in our portfolio are kind of, pulling us down. So you know there there is going to continue to be some work on on cleaning up the portfolio and so that we can really focus on the the largest brands that will drive the business more sustainably going forward.

是的，我還想補充一點，在過去的幾年裡，我們也新增了許多品牌，許多大品牌，像是 Cavalli、Donna Karan、Lacoste，以及前一年的 Ferragamo。就目前而言，如果我們看一下我們新增的產品組合，這些都是大品牌，而且它們正在發展壯大，但顯然，我們產品組合中的小品牌在某種程度上拖累了我們。所以你知道，我們將繼續努力清理投資組合，以便真正專注於那些能夠更永續地推動業務發展的最大品牌。

Okay, great. And then we still think, we still think that guest coach Jimmy Chuu and Mont Blanc can go at a good pace.

好的，太好了。我們仍然認為，我們仍然認為客座教練 Jimmy Chuu 和 Mont Blanc 可以保持良好的節奏。

Okay, great, that sounds good. And maybe if I just add one more on the model, I guess, for 4th quarter, how should we think about gross margin now that the price increases have flowed through? I think you said if it wasn't for the tariff, 3rd quarter would have been better by 100 bits. So I guess should we expect that to be fully offset now in 4th quarter on the gross margin front?

好的，太好了，聽起來不錯。或許我只需要在模型中再增加一個，我想，對於第四季度，既然價格上漲已經傳導到位，我們該如何考慮毛利率呢？我想你說過，如果不是因為關稅，第三季的業績會好100比特。所以我想我們是否可以預期，這種情況會在第四季的毛利率方面得到完全抵銷？

Look, it's a great question. I, the reality is we've done a really great job in, realigning our supply chain and and and looking at tariffs. There is one big item that takes a lot of time to do, which is all the US stuff that all the European stuff that we import into the US. It's a pretty sizable business, and we've been hit not only with 10% tariff, but it's been up to 15%. It's going to take us a bit of time to basically get the cost of those tariffs down with the first sale rule, as Jean pointed out in the in the prepared remarks.

你看，這是一個很好的問題。事實上，我們在調整供應鏈和研究關稅方面做得非常出色。有一件大事需要花費大量時間，那就是所有美國的東西，以及我們進口到美國的所有歐洲的東西。這是一個相當大的企業，我們不僅被徵收了 10% 的關稅，而且關稅高達 15%。正如 Jean 在準備好的演講稿中指出的那樣，我們需要一些時間才能透過首次銷售規則來降低這些關稅的成本。

That's going to, I think, continue to impact us in the first in the 4th quarter. And in the first quarter of next year it should get better in the second quarter. So no, I am expecting gross margins to slightly erode.

我認為，這種情況在第四季初還會繼續影響我們。明年第一季情況應該會好轉，第二季情況會有所改善。所以，不，我預計毛利率會略有下降。

I'd say probably about 50 BPS, something similar to what we what we saw in the 3rd quarter.

我估計大概是 50 個基點左右，跟我們第三季看到的差不多。

Okay, great.

好的，太好了。

Thanks so much. Good luck.

非常感謝。祝你好運。

This holiday. Yeah. Thank you, we've reached the end of our question-and-answer session. I'd like to turn the call back over to Mr. Atwood for any closing remarks.

這個假期。是的。謝謝，我們的問答環節到此結束。我想把電話轉回給先生。阿特伍德先生將作總結發言。

Right. Thank you very much and thank you all for joining our call today.

好的。非常感謝，也感謝各位今天參加我們的電話會議。

With this being our final conference call of the year, Jean and I extend our warmest wishes for a safe and joyful holiday season and a healthy and fulfilling New Year. I would like to mention that we will be hosting the Count Accord Genuity team at our corporate headquarters on December 4th for their annual beauty bus tour. If you would like to participate, please feel free to reach out to the Count Accord Genuity team. If you have any additional questions, please contact Karen Daly from the Equity Group, our investor relations representative, and thank you and have a great day.

這是我們今年的最後一次電話會議，我和 Jean 向大家致以最誠摯的問候，祝福大家假期平安快樂，新年健康充實。我想提一下，我們將於 12 月 4 日在公司總部接待 Count Accord Genuity 團隊，他們將進行一年一度的美容巴士之旅。如果您想參與，請隨時聯絡 Count Accord Genuity 團隊。如果您還有其他問題，請聯絡股權投資團隊的投資者關係代表 Karen Daly，謝謝，祝您有美好的一天。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。