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Iconix Lifts Full Year Forecast Despite Q2 Net Drop

In What's New, Industry News by Accessories Staff

Iconix LogoNew York—Iconix Brand Group has upped its earnings guidance for the full year, despite booking a drop in second-quarter profit.

In the three months to the end of June, net profit fell to $38.8 million from $42 million a year earlier. In the first half, however, earnings were up 25% to $101.6 million.

GAAP EPS was 60 cents compared to 66 cents in the prior year. On a non-GAAP basis, net income attributable to Iconix was $39.6 million, or 75 cents share, for the quarter. That beat analysts estimate for 67 cents a share.

Sales in the quarter were up 3% to $118.9 million, and in the six month period were up 7% to $235.1 million.

CEO Neil Cole, said: “With record results in the second quarter, we continue to demonstrate the power of our business model with our diversified revenue stream and strong free cash flow. As we look to the future we believe we can continue to deliver significant growth and increased value for our company and shareholders through our global expansion plans … and additional acquisitions of global iconic brands.”

For the full year, Iconix has raised its non-GAAP diluted EPS guidance to $2.60 to $2.70 from $2.55 to $2.65. Revenue guidance is now in the range of $455 million to $465 million from its previous forecast of $450 million to $460 million.

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