Iconix Sets Records for Net Income and Revenues in Q1
NEW YORK-The first quarter for Iconix Brand Group brought new records and strong growth in both net income and total revenues.
The bottom line for the quarter, which ended March 31, grew 28 percent to $35.1 million, while revenues from licensing and other sources rose 29 percent to $92.4 million. Neil Cole, Iconix's chairman and CEO, said both totals were better than the company had expected. "Our outperformance was driven by strength across the portfolio of brands, most notably our direct-to-retail brands, which continue to gain shelf space," Cole said.
Selling, general and administrative expenses increased 43 percent on a dollar basis, and gained 352 basis points as a percentage of sales to 34.7 percent.
In addition to releasing its first-quarter results, Iconix also said it has acquired the worldwide master license for the Ed Hardy apparel brand from Nervous Tattoo. Based on this transaction and the first-quarter numbers, the company said it expects full-year 2011 revenue to range from $355 million to $365 million. If it meets these projections, it would represent revenue growth of between 6.7 percent and 8.2 percent.