Iconix Brand Group's recent slew of acquisitions is quickly paying dividends as licensing revenues were well up for the second quarter. For the quarter, licensing revenue catapulted 113% to $39.1 million from $18.4 million a year ago.
Progress was also said to be being made in the companys recently-acquired brands, Ocean Pacific, Danskin and Rocawear.
Regarding Danskin, Neil Cole, Iconix's CEO said the company “has been highly engaged” with the new merchandising team at Wal-Mart to grow Danskin Now there and help the discounter reinvigorate its apparel business.
Cone also sees a “significant opportunity” to grow the Danskin department store business, as the women's activewear and yoga category sees increased interest and sales.
Net income reached $14.8 million, or 24 cents per share, up from $8.3 million, or 19 cents, a year ago. Iconix reaffirmed previously stated 2007 guidance of revenue in a range of $150 million to $160 million and earnings per share in a range of 96 cents to $1.00.