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Published
Feb 23, 2017
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Iconix sees revenue fall in 2016 after 'transition year'

Published
Feb 23, 2017

Iconix Brand Group, Inc. announced on Wednesday its fourth quarter and full year 2016 results, which CEO John Haugh described as “a year of transition for Iconix”.
 
“Our operating performance was in-line with our guidance. I believe the changes we have made over the past year provide a strong foundation to drive long term growth and shareholder value,” Haugh commented.


The licensing revenue decline was attributed to revenue in 2015 from the Badgley Mischka brand for which there was no comparable revenue in 2016. - Badgley Mischka

 
For the fourth quarter of 2016, licensing revenue was down by 8 percent at approximately $87.1 million compared to $94.7 million in the prior year quarter. The results however exceeded Wall Street expectations.

For the full year ended December 31, 2016, licensing revenue was also down by 3 percent at approximately $368.5 million, compared to $379.2 million in 2015. The decline was attributed to revenue in 2015 from the Badgley Mischka brand for which there was no comparable revenue in 2016. 

Entertainment licensing revenue brought in the most earnings in the fourth quarter of 2016 at 28,3 million, down 20 percent from 35.5 million. Women’s licensing revenue was equally down by 17 percent at 18.8 million, as was men’s licensing revenue by 10 percent at 11.8 million. Still, home and international licensing revenue was up by 9 and 28 percent respectively.
 
For the full year, women’s and men’s licensing revenue was also down 10 and 12 percent at 106.5 million and 48.6 million respectively. Entertainment licensing revenue once again brought in the most earnings for the full year at 113.3 million.
 
Total SG&A expenses in the fourth quarter of 2016 were $57.3 million, up 1 percent as compared to approximately $56.6 million. Operating Income for the fourth quarter however, saw a loss of approximately $385.8 million.
 
For 2017, the company expects full year revenue to be in a range of approximately $350 million to $365 million and expects to generate free cash flow in 2017 of approximately $105 million to $125 million.
 
Iconix Brand Group Inc. is a brand management company and owner of a diversified portfolio of 35 global consumer brands across women’s, men’s, entertainment and home segments. The company manages brands such as Badgley Mischka, Joe Boxer, London Fog, Marc Ecko and more. 

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