US: Iconix Brand boosts FY profit by 10%
Apparel operator Iconix Brand has posted a 10% rise in full-year 2008 net income to US$70m, after seeing sales rocket thanks to new license agreements.
Revenue for the year increased 35% to $216.8m, compared to the prior year.
In the fourth quarter, net income fell 11% to $17.1m, including a 2007 one-time gain related to its $7.1m Unzipped litigation.
Quarterly sales were up 14% to $54.3m, from $47.4m a year earlier.
Neil Cole, chairman and CEO of Iconix Brand Group, said: "I am pleased with our strong 2008 performance and ability to continue to deliver year over year sales and earnings growth in what has been one of the most challenging economic environments in recent history.
"Our model has proven to be extremely relevant in today's market as we allow leading retailers to offer national brands at attractive economics.
"In the past year we signed four new direct-to-retail licenses and renewed one, which we believe demonstrates the power of our brands and the value that we provide to our partners."
The company re-affirmed its full year earnings guidance of between $1.20 and $1.30 per share, and is now projecting its 2009 revenue to be in a range of $210 to $220m.
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