Sep 30, 2009
Iconix lowers year view, sets third quarter outlook below Street
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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