PARIS, France — French perfumes maker Interparfums on Wednesday raised its 2017 revenue guidance for the second time after a strong end to the year and better-than-expected sales of men's fragrance Coach.
The company has benefited from demand for in-house brands such as Rochas, as well as successful product launches such as a fragrance line sold under the brand of luxury shoemaker Jimmy Choo.
"Coach and Rochas performed much better than expected," said Kepler Cheuvreux analyst David Cerdan. "In 2018, Jimmy Choo will be the second biggest brand of Interparfums, right after their first brand Montblanc."
Interparfums expects 2017 sales of €415 to €420 million ($495 to $500 million), up from its previous guidance of around €400 million.
The company said in November it expected more moderate growth in 2018, before a further boost from new product launches in 2019 and 2020.
It also said on Wednesday it expected a 2017 operating margin of around 13.5 percent, compared with previous guidance of 13.0 to 13.5 percent.
Kepler Cheuvreux raised its price target for Interparfums shares by almost 9 percent to €38. At 0825 GMT, the stock was up 2.8 percent at €36.35.
By Manon Jacob; editors: Subhranshu Sahu and Mark Potter.