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By
Reuters
Published
Aug 4, 2009
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Iconix second quarter profit rises as brands gain popularity

By
Reuters
Published
Aug 4, 2009

Aug 4 (Reuters) - Iconix Brand Group Inc (ICON.O) posted a 32 percent rise in quarterly profit as the fashion house's brands gained traction with customers, and raised it full-year sales forecast.


Danskin, an Iconix Brand Group Inc brand - Photo: www.iconixbrand.com

Iconix said it saw an increase in market share, especially from the recent roll-out of its Op, Starter and Danskin Now brands at Wal-Mart Stores Inc (WMT.N).

The company, which owns and licenses brands including Candie's, Joe Boxer and Rocawear, earned $19.3 million, or 30 cents a share in the second quarter, up from the $14.6 million, or 24 cents a share a year ago.

Excluding a non-cash interest, net income was about $21.3 million, or 33 cents a share.

The company, several of whose brands are also sold at Target Corp (TGT.N) and Kohl's Corp (KSS.N) stores, saw revenue come in at $56.4 million, up 9 percent from the same quarter last year.

Iconix, which now expects to post total sales of $223 million to $230 million for the full year, up from its prior expectations of $218 million to $225 million, bur backed its full-year earnings view of $1.30 to $1.35 a share.

Shares of the New York-based company had closed at $18.02 Monday 3 August on Nasdaq.

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anthony Kurian)

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