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."
Iconix Brand Group, which owns and licenses brands including Candie's and Umbro, has raised its full-year earnings guidance after reporting a 28% increase in first-quarter net profit....
European denim brand Lee Cooper has been sold to Iconix Brand Group in a $72m deal that will help the New York based firm grow its international presence....
Iconix Brand Group Inc, which owns and licenses brands including Candie's and Umbro, has raised its full-year profit and sales guidance after buying European denim brand Lee Cooper....
Arvind Lifestyle Brands has signed a licensing agreement with Iconix Lifestyle India for fashion label Ed Hardy. ...
- Why should brands care about China cotton?
- Low labour cost countries linked to highest risks
- China cotton: implications and opportunities
- COMMENT: Skills or new technology?
- Who has signed the Bangladesh safety accord?
- South Africa to grow grass for recyclable textiles
- JC Penney share price falls on Q4 loss
- Activewear driving US apparel spend
- Delta Galil open to M&A as profit grows
- Sri Lanka and Bangladesh FTA talks underway
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Outdoor performance apparel: peaks, valleys, and green fields
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Global market review of swimwear - forecasts to 2019
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead