NEW YORK-Iconix Brand Group got its 2014 fiscal year off to what Neil Cole, chairman and CEO, called “a strong start” by achieving record earnings and revenues for its fiscal first quarter.
Net income totaled $59.8 million, up 74.8 percent from the first quarter of last year. Licensing and other revenue increased 10.5 percent to $116.1 million. “Through our diversified portfolio of brands and expanding global footprint, we continued to achieve strong growth,” Cole said.
Selling, general and administrative expenses rose 24.1 percent in dollars and 454 basis points as a percentage of sales, to 41.5 percent.
Looking ahead, Iconix has increased its revenue guidance for all of 2014 from a previous range of $440 million to $455 million to a range of $450 million to $460 million.