Iconix Net Leaps 66 Percent in Second Quarter

NEW YORK-In what Neil Cole, chairman and CEO, said were record results for both the top and bottom lines, Iconix rang in with net income of $44.8 million in its fiscal second quarter, 66 percent ahead of last year's second-quarter result.

The company benefited from a 17.5 percent increase in licensing revenue, to $89.3 million, for the quarter, which ended on June 30. In addition, the bottom line grew thanks to a non-recurring non-cash gain of about $21.5 million from its acquisition of the Ed Hardy apparel brand, in which it transitioned from a non-controlling interest to a controlling interest. Selling, general and administrative expenses rose 20 percent on a dollar basis and 77 basis points as a percentage of sales, to 35.5 percent.

Cole said Iconix's brands continue to "gain momentum" both in the United States and abroad. The company now expects 2011 licensing revenue to total between $355 million and $365 million, which would represent increases of from 6.7 percent to 9.7 percent over fiscal 2010.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money