NEW YORK — Iconix Brand Group on Tuesday said first-quarter earnings jumped 73.3 percent as the firm reaffirmed its previously stated 2007 revenue guidance.
For the three months ended March 31, income rose to $12.7 million, or 21 cents a diluted share, from $7.4 million, or 18 cents, in the year-ago quarter. Licensing revenue gained 132.4 percent, to $30.8 million from $13.3 million a year ago.
"I am pleased with the continued momentum of our growth plan, which is evident in our strong revenue; earnings; [earnings before interest, taxes, depreciation and amortization], and free cash flow," Neil Cole, chairman and chief executive officer, said in a statement. "It was a good quarter for the growth of our existing portfolio of brands as well as with respect to acquisitions, as we acquired two powerful new lifestyle brands, Rocawear and Danskin, that on an annualized basis generate approximately $60 million in royalty revenue and significantly diversify our holdings.
Cole added that Iconix owns 11 strong consumer brands that are expected to generate approximately "$5 billion in annual retail sales this year through over 150 licensees around the world. We will continue to be focused on executing our long-term growth strategy of expanding our existing portfolio and adding new iconic brands through acquisition."
The company reaffirmed its previously stated 2007 revenue guidance in a range of $150 million to $160 million, along with diluted earnings per share in a range of 96 cents to $1. While current guidance presumes no additional acquisitions in 2007, Iconix has said that it intended to remain "acquisitive."
Also not included in its guidance is the $50 million verdict in favor of the company. Last month a state court jury in Los Angeles awarded Iconix $45 million in compensatory damages and $5 million in punitive damages in a trial involving defendants Hubert Guez, Sweet Sportswear, LLC, Azteca Production International Inc. and Apparel Distribution Services LLC. The lawsuit included claims of breach of contract, breach of fiduciary duty, trademark infringement and others.
While Iconix believes the judgment will be entered later this month, the verdict is still subject to collection and possible appeal.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)