Reuters
Oct 27, 2009
Iconix third quarter results beat Street
Reuters
Oct 27, 2009
Oct 27 (Reuters) - Iconix Brand Group Inc's (ICON.O) adjusted quarterly profit rose 23 percent, and its revenue beat market expectations for the fifth consecutive quarter, helped by a gain related to the sale of its Joe Boxer trademark in Canada.
Photo: www.joeboxer.com |
The fashion house, several of whose brands are sold at WalMart Stores Inc (WMT.N), Target Corp (TGT.N) and Kohl's Corp (KSS.N) stores, said it earned an adjusted net income of $22.6 million, or 31 cents a share, slightly higher than $18.3 million, or 30 cents a share, a year earlier.
Including a non-cash charge related to the adoption of a new accounting treatment for convertible debt, the company earned 28 cents a share during the quarter.
Revenue rose 8 percent to $59.4 million and included a $3.7 million gain related to the sale of Iconix's Joe Boxer brand.
Analysts were looking for a profit 28 cents share, on revenue of $53.88 million, according to Thomson Reuters I/B/E/S.
Earlier on Tuesday 27 October, the company said it had agreed to buy a 51 percent interest in the privately held Ecko portfolio of brands for $63.5 million as part of its long-term growth strategy.
The company, which recently moved its Rocawear women's license to a new licensee, backed its 2009 earnings view of between $1.17 and $1.22 a share. Analysts were looking for $1.19 a share.
Shares of the company closed at $13.37 Monday 26 October on Nasdaq.
For the alerts, double-click (Reporting by Shradhha Sharma in Bangalore)
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