US: Iconix hails strong start with Q1 profit surge
- Q1 adjusted net income up 25% to US$33.7m
- Q1 revenue up 29% to $92.4m
- Increases FY sales and earnings guidance
Iconix Brand Group is increasing its forecasts for the full year after a buoyant first quarter which registered strong double-digit increases in sales and profits.
Neil Cole, chairman and CEO of the US consumer goods company, said 2011 was “off to a strong start”, with the company outperforming its expected revenue and earnings figures during the quarter.
“Our outperformance was driven by strength across our portfolio of brands, most notably our direct-to-retail brands, which continue to gain shelf space.
“We are making progress internationally and are particularly excited about the opportunity in China as our partners open hundreds of stores for our brands.”
Iconix is now targeting full-year revenues of $355-365m, raising its full-year guidance for diluted earnings per share to $1.63-1.68.
Click here to view the company's results in full.
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