Iconix Brand Group Inc. easily beat expectations for its third-quarter earnings and initiated guidance for fiscal 2014 above Wall Street’s early estimates.
In the three months ended Sept. 30, the New York-based brand management firm generated net income of $29 million, or 50 cents a diluted share, 6.9 percent above the $27.1 million, or 38 cents, registered in the comparable quarter of 2012. On an adjusted basis, EPS was 59 cents, 7 centsabove the 52-cent analysts’ consensus estimate.
Earnings before interest, taxes, depreciation and amortization rose 26.6 percent to $65.6 million from $51.8 million.
Revenues in the quarter, principally from licensing royalties, rose 23.8 percent to $107.2 million from $86.6 million. On average, analysts had expected revenues of $105.9 million.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)