Iconix Boosts Q4 Net, Reports Record Results for Year
NEW YORK-Net income for Iconix Brand Group totaled $24.3 million in its fourth quarter, up 14 percent over its bottom line from the fourth quarter of last year.
The company also said it achieved record results for fiscal year 2010 as a whole. Net income for the year reached $110.5 million, an increase of 45 percent over fiscal 2009, on an increase of 43 percent gain in revenue to $332.6 million.
Revenue for the fourth quarter, which ended on Dec. 31, was $88 million, a pickup of 34 percent over the fourth quarter of the prior year. Selling, general and administrative expenses rose 94 percent in dollars, and increased 1,682 basis points as a percentage of sales to 54.4 percent.
Commenting on the year as a whole, Neil Cole, Iconix's chairman and chief executive officer, said the company's brands continued their market-share gains last year, and that Iconix expanded into new categories and new geographic locations. Cole added that the company plans on continued growth with its current brand partners, through international expansion and through new acquisitions.
The company said it expects full-year 2011 revenue to range between $340 million and $350 million.