US: Iconix FY profit jumps 32%
- FY net income up 32% to $98.8m
- Revenues rise 43%
- Q4 net income up 12%
US fashion firm Iconix Brand Group has posted improved revenue and profits for the fiscal year, saying its brands had gained market share.
Total revenue for the final quarter of 2010 was $88.0m, a 34% increase compared to the same period last year.
Neil Cole, chairman and CEO of Iconix Brand Group, said: "2010 was another record year for our company in which we continued to demonstrate the strength of our portfolio and the profitability of our business model. Our brands continue to gain market share as we build lifestyle businesses and optimise distribution.
"We also expanded our platform into new categories and geographies in 2010 through our Peanuts acquisition.
"With 27 iconic brands that represent approximately $12bn in annual retail sales we have made tremendous progress, and I believe through continued growth with our current partners, international expansion, and new acquisitions we can continue to build on our successes."
The company also reaffirmed full-year 2011 revenue guidance of $340-350m, estimating that free cash flow for 2011 will be around $160-165m.
Iconix Brand Group Inc, which licenses fashion and footwear labels like Candie's, Bongo, London Fog and Joe Boxer, has booked a 69% jump in second quarter profit, and says it is taking full ownership ...
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