Iconix Boosts Net 25 Percent in Second Quarter
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NEW YORK-Second-quarter net income for Iconix Brand Group totaled $26.1 million, a hefty 25 percent ahead of the second quarter of 2009 and the highlight of a record second quarter for the brand-management company.
Iconix accomplished this on a gain of 35 percent in revenue, which totaled $76 million for the quarter. Selling, general and administrative expenses did rise 52 percent as well. Neil Cole, chairman and chief executive officer, said the company's direct-to-retail business model continues to drive its sales growth, with the majority of the direct-to-retail brands experiencing double-digit growth in the quarter.
Cole cited the company's Peanuts brand, which the company purchased early in the second quarter, and "the worldwide access (the brand) gives us in over 40 countries."
For all of 2010, Iconix said its expects total sales to range between $305 million and $315 million.