Iconix Net Jumps 23.9 Percent in Q1
NEW YORK-Thanks to a healthy gain in revenue, Iconix Brand Group posted a record $34.2 million in first-quarter net income, an increase of 23.9 percent from the first quarter of last year.
Total revenue in the quarter, which ended on March 31, rose 18.8 percent to $105.1 million, also a record. Serving as somewhat of a brake on the acceleration of the bottom line, selling, general and administrative expenses climbed 25.7 percent in dollars and 203 basis points as a percentage of sales, to 37 percent.
Neil Cole, Iconix's chairman and CEO, said the first quarter got the company off to a strong start for its 2013 fiscal year, putting it on track to achieve 20 percent gains in both revenue and earnings per share for the year as a whole. "We successfully completed three acquisitions in the past five months and with our current pipeline, we believe there are additional opportunities, which would continue to enhance our portfolio," Cole said.
Iconix also said it expects 2013 revenues to total between $425 million and $435 million. If so, it would mean an increase of from 20 to 23 percent in revenue over 2012.