Iconix Brand Q1 revenues decline
For its first quarter of 2015 ending on March 31, Iconix Brand published 85.7 million euros (95.4 million dollars) in turnover, as compared with 104 million euros (116 million dollars) one year earlier. The decline was partly due to an unfavorable basis of comparison, given that Iconix raked in revenues last year related to the 5-year renewal of the Peanuts specials with ABC.
However, even after adjustment, sales by the American licensing specialist, which owns all or part of the rights to thirty brands, including Umbro, Lee Cooper, Buffalo and Peanuts, were sluggish.
In its first quarter, the Iconix Brand’s net income totaled 23.9 million euros (26.7 million dollars), down by 32%. It’s worth noting that during the quarter, the group acquired the remaining 50% of both its joint ventures in China and in Latin America. Iconix also acquired the rights to the American sneaker brand Pony and the brand Strawberry Shortcake. According to the company, both brands should soon help to drive growth.
Despite the sales decline, Iconix is maintaining its forecast for 2015 of a turnover of between 440 and 458 million euros (490 to 510 million dollars).
Copyright © 2021 FashionNetwork.com All rights reserved.