Reuters
Sep 30, 2009
Iconix lowers year view, sets third quarter outlook below Street
Reuters
Sep 30, 2009
Sept 30 (Reuters) - Iconix Brand Group Inc (ICON.O) cut its 2009 view to below market expectations, and also forecast weak third-quarter results, sending its shares down 14 percent in trading before the bell.
Candie's, one of the Iconix brands |
Iconix, which owns and licenses several brands including Candie's, Joe Boxer and Rocawear, now expects full-year adjusted earnings of between $1.17 and $1.22 a share, down from an earlier forecast of $1.30 to $1.35 a share.
It also lowered its 2009 revenue view to $215 million to $220 million, from an earlier expectation of $223 million to $230 million.
Analysts were looking for earnings, before special items, of $1.30 a share, on revenue of $229.7 million, according to Reuters Estimates.
However, Iconix Brand will continue to stand by its earlier projection of about 5 percent organic growth across its portfolio of brands, Chief Executive Neil Cole said in a statement.
Iconix, several of whose brands are also sold at Target Corp (TGT.N) and Kohl's Corp (KSS.N) stores, forecast third-quarter adjusted earnings of between 26 and 28 cents a share, on revenue of $53 million to $56 million.
Analysts were expecting earnings of 35 cents a share, on revenue of 62.05 million. Shares of the New York-based company were down nearly 14 percent at $13.61 in premarket trade. They closed at $15.80 Tuesday 29 September on Nasdaq.
(Reporting by Shradhha Sharma in Bangalore; Editing by Aradhana Aravindan)
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