US: Iconix Q3 profit rises despite falling sales
- Q3 profit up 2% to $31.6m
- Sales fell 6.6% to $86.6m
- CEO remains focused on international expansion
Iconix Brand Group, which licenses fashion and footwear labels like Candie's, Bongo, London Fog and Joe Boxer, has today (1 November) booked an increase in third-quarter net profit despite a fall in sales.
Net income edged up 2% to US$31.6m during the quarter ended 30 September. However, revenue slipped 6.6% to $86.6m, while operating income declined 9% to $53.6m.
CEO and chairman Neil Cole said Iconix remains focused on international expansion, which it expects to grow to become 40% of its business. It follows the company's announcement last month to acquire UK football brand Umbro from Nike for US$225m.
"In addition, we have a strong acquisition pipeline and continue to evaluate a number of opportunities that could be actionable in the near-term," said Cole.
"With 29 brands in our portfolio, inclusive of Umbro, that represent over $13bn in annual retail sales, we believe our company is stronger than ever and we look forward to continuing to grow our business and deliver value to our shareholders."
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