Iconix wraps up Q1 with home ahead
Home & Textiles Today Staff -- Home Textiles Today, April 30, 2014
New York – Iconix Brand Group’s home business was a highlight during the company’s first quarter, generating strong sales in several of its key labels.
The home brands and retailers with noteworthy performance in the period “were Cannon at Kmart/Sears, Charisma at Costco, and Royal Velvet at JCPenney, which is positioned as one of their largest home brands,” coo Seth Horowitz said during Iconix’s earnings call this morning.
Iconix’s first quarter produced “record results” that position the company “off to a strong start” in 2014, said chairman and ceo Neil Cole.
“Through our diversified portfolio of brands and expanding global footprint we continued to achieve strong growth,” he added.
Net income jumped 75% to $59.8 million, or a $1.03 per share. Total revenue rose 11% to $116.1 million.
Encouraged by the performance, Iconix is raising its guidance for 2014. Revenues are now expected to range from $450 million to $460 million from the previously planned $440 million to $455 million. Earnings guidance was boosted to $2.50 to $2.60 per share from $2.19 to $2.29.
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