Iconix revved about Royal Velvet
February 20, 2013,
New York - After a transitional year for Royal Velvet, brand owner Iconix Brand Group is optimistic about its recent performance at exclusive licensee JCPenney amid the retailer's transformation efforts.
"Royal Velvet looks fabulous," noted Neil Cole, Iconix chairman and ceo, in response to an analyst's questions during the company's fourth quarter and year-end earnings call this morning. "We are rolling it out to shops in May. But it is already doing better than we thought it would. JCPenney has had some troubles, but we are very confident about how they are executing the program."
Overall, home "continued to perform well," over the past quarter and fiscal year, Cole said, especially via strengths from the Charisma, Sharper Image, and Fieldcrest brands.
Still, the drag from Royal Velvet was blamed in part for offsetting "healthy trends across the majority of our portfolio" during the fourth quarter, noted Warren Clamen, Iconix evp and cfo.
Iconix's fourth quarter total revenue was down 11% to $85.1 million, compared to $95.5 million the prior year period.
Net income dipped 7.7% to $28.9 million versus the year ago's $31.3 million, while earnings per share for the quarter came in flat at 41 cents.
Full year 2012 total revenue fell 4.3% to $353.8 million. Net income slid 4.2% to $122.0 million.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...