Profit, Sales Jump for Iconix in Q3
NEW YORK--Net income for Iconix Brand Group rose 32 percent to $29.8 million, fueled by a net sales increase of 63 percent to $96.9 million.
Neil Cole, chairman and chief executive officer, said Iconix has risen as a global consumer-products licensing powerhouse, now with 27 brands representing $12 billion in annual global retail sales in its portfolio. "We remain committed to expanding and growing our portfolio of iconic brands through new categories, geographies and distributions," Cole said. "As we look ahead to 2011, we feel confident about the overall strength of our existing brand portfolio and our ability to acquire world-class brands."
Based on the third-quarter numbers, Iconix increased its full-year 2010 expectation for net sales to $323 million to $328 million, up from its previous prediction of $305 million to $315 million. The new projection, if met, would mark a sales increase of 39 to 41 percent over 2009.