The results showed that sales grew to €1.2bn, which represented an increase of 22 percent compared to a figure of €984m in 2009, when sales took a tumble following the global economic recession.
The company said that sales of the company’s Paco Rabanne brand have remained robust, thanks to the continuing strength of the award-winning One Million fragrance, which is still in the top ten best-selling global fragrance list.
It also highlighted the success of the new Lady One Million fragrance as well as other new launches that included 212 VIP and L’Elixir by Nina Ricci.
Global market share conintues to climb
Alongside the increased sales, Puig's global market share of the premium fragrance market has continued to rise, going from 3.7 per cent in 2005 to reach 7 per cent in 2010.
The increasing market share and sales have been largely derived from the company’s continued expansion into international markets, specifically in the Americas and the rest of Europe.
This has helped to fend off more challenging conditions in the all-important Spain domestic market, where the economy continues to be impacted by the recession and unemployment rates that are hovering around 20 per cent, double the average rate in the rest of Europe.
Sales remain solid in Spain, despite recession
However, despite the tough market, the Barcelona-based company reported that sales in Spain actually rose by 2 per cent during the course of the year.
International sales now represent around three-quarters of the company’s total revenues, whereas five years ago this figure was approximately 62 per cent of the total.
In line with the jump in sales the company also reported an increase in profits for the financial year, with net income rising 57 per cent to €130m and operating income rising by 89 per cent to €184m.