NEW YORK–Third-quarter net income for Iconix Brand Group rose 25 percent to $20.5 million, setting a new earnings record for the brand-management company.
Revenue also set a record in the quarter, totaling $59.4 million or 8 percent higher than in the third quarter of 2008. This was enough to offset a 13.3 percent increase in selling, general and administrative expenses. Neil Cole, chairman and chief executive officer, said Iconix demonstrated the ability to achieve “positive organic growth and record earnings” despite the challenges presented by the economy.
Iconix also said it expects revenue for the full 2009 year to range between $215 million and $220 million. For 2010, revenue is expected to total between $260 million and $270 million.