US: Iconix reaffirms outlook as Q3 profit falls 5%
- Q3 profit fell 5.1% to $26.0m
- Revenues slipped 4% to $92.7m
- Reaffirmed FY earnings of $1.63-$1.68 per share
Iconix Brand Group Inc, owner and licensor of brands like Candie's, Bongo, Badgley Mischka, Joe Boxer and Mossimo, has reaffirmed its full-year guidance after posting a 5.1% drop in third quarter profit.
Revenues in the three months to 30 September slipped 4% to $92.7m, down from $96.9m in the same period last year. And net income fell to $26.0m or $0.34 per share, from $27.4m or $0.37 per share the year before.
Nevertheless, the company hailed "another strong quarter," which it said demonstrates "the power of our business model and the strength of our brands."
"As we look to 2012, we are excited about the many opportunities ahead as we continue to grow our platform through new retail partners, new categories and new geographies," added chairman and CEO Neil Cole.
The company reaffirmed its full year revenue guidance of $355-$365m and for earnings of $1.63-$1.68 per share. And for the year ahead, it expects revenues to rise to $370-$385m, with earnings up to $1.77-$1.84 per share, helped by its just-announced acquisition of Sharper Image.
Iconix Brand Group has lowered its full-year forecast after it said it recorded "continued softness" in its men's wear brands, and a delay in government approval for its joint venture in India. ...
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