US fashion company Iconix Brand Group has posted a 53% increase in first quarter net income, as it continues to snap up new brands.

The company reported Q1 total revenue of $71.7m, a 42% increase over the prior year quarter.

Net income attributable to Iconix increased was $27.0m, compared to $17.6m in the prior year quarter.

Yesterday (27 April) Iconix joined forces with the Schulz family to buy the Peanuts brand – home of Charlie Brown, Snoopy and other cartoon characters.

Neil Cole, chairman and CEO of Iconix Brand Group, said: "Over the past five years we have built a strong brand management platform with a powerful portfolio of 24 brands across fashion and home.

"Today, we are excited to announce our acquisition of the Peanuts brand which further diversifies our company into new categories, channels, and territories and provides a large global platform from which we hope to leverage our existing and future brands." 

The company increased full-year 2010 revenue guidance to a range of $305-$315m from $260-$270m, assuming organic growth rate of approximately 7% and includes approximately $35-40m related to the Peanuts acquisition.