Feb 22 (Reuters) - Iconix Brand Group Inc (ICON.O) posted a 29 percent rise in fourth-quarter profit helped in part by a rise in licensing revenue and the success of its direct to retail channels, in line with market estimates.

Candie's, one of the Iconix brands

Iconix, which owns and licenses brands including Candie's, Joe Boxer and Badgley Mischka, said it earned $19.7 million, or 27 cents a share, compared with $15.3 million, or 25 cents a share a year ago.

However, on an adjusted basis, it posted a profit of 30 cents a share, the same as the market consensus, according to Thomson Reuters I/B/E/S.

Revenue rose 21 percent to $65.8 million.

The company, whose brands are sold at WalMart Stores Inc (WMT.N), Target Corp (TGT.N) and Kohl's Corp (KSS.N), also backed its 2010 forecast for earnings of between $1.25 a share and $1.30 a share.

"We have strengthened our balance sheet and today have approximately $230 million of cash available to be opportunistic in the pursuit of acquisitions," Chief Executive Neil Cole said in a statement.

Shares of the company had closed at $13.76 Monday 22 February on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anthony Kurian)