Iconix Brand reports second quarter earnings up 23%
Despite the fact that Umbro and Lee Cooper are still in the process of being integrated into the company, Iconix brand CEO Neil Cole is already preparing for new acquisitions.
Cole commented: " We believe the performance we have achieved year-to-date and over the past several years demonstrates the power of our business model, and over the next few years we expect to see additional growth as we continue to build our existing brands around the world and further leverage our strong balance sheet and free cash flow to add iconic brands to our portfolio and continue to enhance shareholder value through opportunistic share repurchases."
During the company’s second quarter ended in June no new acquisitions were made and the group posted a 23% (to a total of 115 million dollars) rise in revenue compared to the same period last year. EBITDA for the group is at 55 million for this quarter, up 24% comparatively. Iconix Brand, whose executive board has just given the green light on a program to buy back 300 million shares in the next three years, is looking to reach full-year turnover of between 425 and 435 million euros.
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