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.