NEW YORK–Iconix Brand Group’s net income in the second quarter set a new record for the brand-management firm of $21.3 million, up 29 percent from the second quarter of one year ago.
That figure was on a non-GAAP basis, excluding non-cash interest related to the company’s adoption of a new accounting treatment for convertible debt; factoring that in, second-quarter net income rose 32 percent to $19.3 million. Revenue for the quarter also set a record at $56.4 million, up 9 percent from the 2008 second quarter. Along with boosting the top line, Iconix kept a cap on expenses in the quarter, with selling, general and administrative expenses actually declining by 5.2 percent.
Neil Cole, chairman and chief executive officer, attributed Iconix’s performance to increases in market share for many of the brands in the company’s portfolio, which in the second quarter included the rollout of the OP, Starter and DanskinNow brands at Walmart.
Based on the quarter’s numbers, Iconix has raised its guidance for full-year 2009 revenue to between $223 million and $230 million, figures that assume no further acquisitions by the company.