UPDATE 1-Inter Parfums cuts '08 view; shares fall
*Cuts FY 2008 earnings view by 6 cents
*Sees FY 2009 earnings below estimates
*Shares down 10 pct
Nov 24 (Reuters) - Fragrance maker Inter Parfums Inc (IPAR.O) cut its full-year outlook, citing the strengthening US dollar against the euro and a challenging economic environment, sending its shares down 10 percent.
"Our revised 2008 guidance reflects the recent sustained strength of the U.S. dollar against the euro, particularly over the last six weeks which has affected our growth rate in sales," Chief Executive Russell Greenberg said in a statement.
For the full year 2008, the world-wide licensee of Burberry perfumes now expects to earn 81 cents a share on revenue of $445 million, against earlier expectations of 87 cents a share on revenue of $460 million.
Inter Parfums, which reported a rise in third-quarter net profit earlier this month based on successful brand launches, said it had earlier expected the strength of its brands and new product launches to help it meet its original forecasts.
The company also estimated 2009 earnings of 85 cents a share, against analyst expectations of 99 cents.
Inter Parfums, which has lost 72 percent of its market value since its shares touched a year-high in May, however, said it will continue to invest in new products, including the launch of the men's version of Burberry The Beat in 2009.
Shares of the company, whose other brands include Christian Lacroix, Lanvin and Nickel, were trading at $6.40 in after-hours trade. They had closed at $7.10 on the Nasdaq.
For the alerts, please click [ID:nWNAB6945] (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anil D'Silva)
