NEW YORK–Iconix Brands posted net income of $16.5 million, a new record and 11 percent ahead of net income for the second quarter of last year.
The company—whose brands include home textiles mainstays Cannon, Royal Velvet, Fieldcrest and Charisma—also reported a 32 percent revenue increase for the quarter, to $51.7 million. Also, operating income increased 13 percent to $35.2 million.
Neil Cole, Iconix’s chairman and chief executive officer, said the company achieved these results in the face of “what has been a challenging retail and economic environment.” Cole said the rest of 2008 and next year look promising for Iconix, especially with the launch of the Cannon brand at Sears and Kmart slated for 2009.
Iconix also reaffirmed its previously stated expectations that 2008 revenue will total between $215 million and $220 million. “Longer term, we will have growth from a number of international initiatives that we are working on,” Cole said. He added that acquisition revenue “remains an important part of our growth strategy, and we believe we will continue to acquire additional iconic brands.”