By  on November 3, 2008

Iconix Brand Group Inc. said Monday that it recorded a gain in third-quarter profits and that it plans to repurchase $75 million of its own stock.

Profits for the quarter ended Sept. 30 at the New York-based brand management firm increased 7.8 percent to $18.3 million, or 30 cents a diluted share, compared to $17 million, or 28 cents a share, last year.

Total revenue in the quarter grew 29.2 percent to $55.1 million from $42.7 million a year ago.

In the first nine months of 2008, profits at Iconix grew 19.1 percent to $53 million, or 87 cents a share, from $44.5 million, or 73 cents a share, last year. Revenues rose 44.3 percent to $162.5 million from $11.26 million a year ago.

The company said it expects to achieve its 2008 guidance of $1.15 to $1.20 a share on revenues of $215 million to $220 million, but that it is advising towards the low end of the ranges.

Iconix announced separately that its board has approved a plan to buy $75 million of its own common stock over the next three years.

For complete coverage, see Tuesday's WWD.

To access this article, click here to subscribe or to log in.

load comments
blog comments powered by Disqus