Iconix Net Climbs in Q4
NEW YORK-In what Chairman and CEO Neil Cole described as "another record year," Iconix Brand Group posted net-income gains of 15.4 percent for the fiscal year and 6.1 percent for the fourth quarter, which ended on Dec. 31.
The bottom-line totals were $142.6 million for the fiscal year and $30.8 million for the quarter. Total revenue was $432.6 million for the year, up 22.3 percent, and $105.3 million for the quarter, an increase of 23.6 percent.
Describing Iconix's 2013 fiscal year, Cole said the company "continued to drive growth through the expansion of our worldwide footprint, our acquisition strategy of asset-light businesses and global brands, and our ongoing commitment to share repurchases." Regarding the latter, the company said its board has authorized a repurchase of $500 million of its common stock.
Selling, general and administrative expenses in the quarter were up 18.3 percent in dollars but fell 204 basis points as a percentage of sales, to 44.7 percent.
"Looking ahead, as we continue to focus on international markets and additional acquisitions, I believe we can build on our success and continue to deliver increased value to our shareholders," Cole said.