Iconix Reports Another Record Year
March 1, 2010-- Home Textiles Today,
Iconix Brand Group is “very pleased” with its retail-direct home brands, executives said during the company's quarterly conference call last week.
Cannon brand sales at Sears and Kmart are “up significantly” as the brand expands product categories and gains additional sales space, said Yehuda Shmidman, executive vp of operations. At Costco, Charisma branched out from bath and into sheets during the fourth quarter, he said. And Fieldcrest at Target continues to do well.
With 18 direct-to-retail licensing arrangement around the world, chairman and ceo Neil Cole said the company is pursing additional arrangements, particularly abroad. Iconix is also examining other brands for acquisition or majority investment.
“We are currently working on several opportunities that are in various states of diligence,” said Cole, adding, “Even without acquisitions, we feel good about organic growth.”
Net income for the fourth quarter ended Dec. 31 climbed 28% to $21.9 million, or 30 cents per share, as revenue jumped 21% to $65.8 million.
For the full year, net income rose 19% to $83.8 million, or $1.22 per share, and sales increased 7% to $232.1 million.
Iconix issued guidance for 2010 of $260 million to $280 million – 67% of which will be provided by guaranteed royalties, according to Cole.
The company estimates EPS of $1.13 to $1.30 for the year.
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