• Q1 GAAP net income up 75%
  • Sales climb 11%
  • Raises FY sales and EPS forecast

Iconix Brand Group has booked record revenues in its first-quarter and upped its guidance for the full year.

In the three months to the end of March, GAAP net income reached US$59.8m, a 75% increase on earnings of $34.2m in the prior year quarter. The figure included a non-cash gain of $38m before taxes related to the firm's investment in Iconix Latin America.

Revenues amounted to $116.1m, an 11% increase over the prior year quarter.

CEO Neil Cole, said: "With record results in the first quarter, 2014 is off to a strong start. Through our diversified portfolio of brands and expanding global footprint we continued to achieve strong growth. As we look ahead, we believe we can continue to deliver significant value to our company and shareholders through a combination of organic growth driven by international expansion and Peanuts initiatives, as well as, additional acquisitions of global iconic brands."

Iconix has raised its fiscal 2014 revenue guidance to $450-$460m and non-GAAP diluted EPS guidance to $2.55-$2.65.