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By
Reuters
Published
Oct 29, 2010
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Iconix Q3 beats, says looking to buy more brands

By
Reuters
Published
Oct 29, 2010

(Reuters) - Iconix Brand Group Inc (ICON.O) posted third-quarter results above market estimates as its licensed brands sales surged, and said it was still on the lookout for acquisitions.

Iconix Brand Group
Iconix's Charisma brand

In September, the consumer brands company was said to be in talks to buy Kenneth Cole, but recent reports said talks have stalled and are unlikely to resume soon.

Chief Executive Neil Cole, brother of clothing designer Kenneth Cole -- chairman of Kenneth Cole Productions (KCP.N), said he was confident that Iconix's brands would do well in 2011, and said the company would buy more brands.

In 2009, Iconix acquired 50 percent stake in Ed Hardy brands owner Hardy Way LLC and a 51 percent interest in Ecko portfolio of brands.

Late last year, Iconix was said to be in talks with Playboy Enterprises Inc (PLA.N), but the company said in June it was no longer looking at a potential licensing deal with Playboy because it was "uncomfortable" with some of Playboy's businesses.

Shares of the company, which have gained about 6 percent since it reported second-quarter results in late July, rose 2 percent to $17.96 Thursday on Nasdaq.

The company owns and licenses brands including Candie's, Joe Boxer, Badgley Mischka and Peanuts, and sells its products to retailers like Target Corp (TGT.N), Wal-Mart Stores Inc (WMT.N) and Kohl's Corp (KSS.N).

For the third quarter, Iconix earned 40 cents a share, while analysts, on average, were expecting a profit of 35 cents a share, as per Thomson Reuters I/B/E/S.

Revenue at the company rose about 63 percent to $96.9 million, while analysts were expecting $83.5 million.

Iconix also raised its full-year 2010 revenue view to $323-$328 million from $305-$315 million and adjusted earnings view to $1.38-$1.42 a share from $1.35-$1.40 a share.

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Vyas Mohan)

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