(Filed Under Financial and General Interest News). Driven by strength across labels, Iconix Brand Group Inc. cited a 29 percent revenue increase during the first quarter ended March 31, to $92.4 million from $71.7 million during last year’s first quarter.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) attributable to the company was approximately $58.8 million, a 19 percent increase from $49.4 million in the prior year’s quarter. Free cash flow was $45.9 million, a 5 percent increase from approximately $40.1 million.
"2011 is off to a strong start and I am ppleased to announce that we achieved better than expected revenue and earnings in the first quarter," Neil Cole, chairman and C.E.O of Iconix, said in a statement. "Our outperformance was driven by strength across our portfolio of brands, most notably our direct-to-retail brands, which continue to gain shelf life. We are making progress internationally and are particularly excited about the opportunity in China as our partners open hundreds of stores for our brands."
The company raised its full year guidance to revenue of $355 to $365 million from $340 to $350 million.
Iconix Brand Group owns, licenses and markets consumer brands including Candie’s; Bongo; Badgley Mischka; Joe Boxer; Rampage; Mudd; and others.
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