Iconix reports relatively flat Q1, remains on pace of expectations

By

Obi Anyanwu

Published
May 6, 2016

Iconix Brand Group, Inc. reported on Thursday its financial results for the first quarter ended March 31, 2016.

 
Licensing revenue for the quarter was relatively flat at $94.6 million, a 1% decline from the first quarter of 2015, and it included $1.3 million of revenue related to acquisitions for which there was no comparable revenue in the first quarter of 2015. The sale of Badgley Mischka also negatively impacted the revenue by $1.0 million.
 
Total SG&A expenses increased 30% to $51.5 million compared to $39.7 million, and operating income decreased 3% to $54.2 million compared to $56 million in the previous year’s comparable period. Excluding special charges, the operating income increased 6% to $59.7 million.

GAAP net income was approximately $18.6 million compared to $65.4 million in the first quarter of 2015, and non-GAAP net income was flat at $26.9 million.
 
John Haugh, CEO of Iconix Brand Group commented, "I am pleased with our results today and that we remain on track to achieve the guidance that the Company provided last quarter. Overall, our portfolio of brands remains healthy with solid businesses across the women's and home segments, a growing entertainment platform and a stabilizing men's business."
 
For full year 2016, Iconix expects its licensing revenue to range between $370 million and $390 million, for non-GAAP diluted EPS to range between $1.15 and $1.30 and for GAAP-diluted EPS to range between $0.75 and $0.90.