Iconix Boosts Net 25 Percent in Second Quarter
July 27, 2010,
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NEW YORK-Second-quarter net income for Iconix Brand Group totaled $26.1 million, a hefty 25 percent ahead of the second quarter of 2009 and the highlight of a record second quarter for the brand-management company.
Iconix accomplished this on a gain of 35 percent in revenue, which totaled $76 million for the quarter. Selling, general and administrative expenses did rise 52 percent as well. Neil Cole, chairman and chief executive officer, said the company's direct-to-retail business model continues to drive its sales growth, with the majority of the direct-to-retail brands experiencing double-digit growth in the quarter.
For all of 2010, Iconix said its expects total sales to range between $305 million and $315 million.