Iconix Net Rises 6.9 Percent in Q3
NEW YORK-In a quarter that produced record revenue, Iconix Brand Group's net income took a 6.9 percent leap to $29 million.
Revenue climbed 23.8 percent to finish the quarter, which ended on Sept. 30, at $107.2 million. Selling, general and administrative expenses were up 38.4 percent in dollars and 451 basis points as a percentage of revenue, to 42.7 percent.
Neil Cole, Iconix's chairman and CEO, said the company's performance "demonstrates the power of our business model and the strength of our (brand) portfolio. Looking ahead to 2014 and beyond, we expect to continue to deliver strong growth through both organic initiatives as well as acquisitions, as we continue to build our global footprint and further leverage our strong balance sheet."
Iconix also expects revenue for the full year to finish at between $425 million and $435 million. Revenue for 2014 is projected at between $440 million and $455 million.