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Iconix Q3 revenues down 23 per cent

For the third quarter revenues of Iconix decreased by 23 per cent. For the nine months ending September 30, 2019, total revenue declined by 27 per cent compared to the nine months ending September 30, 2018. Adjusted ebitda increased 30 per cent from the prior year quarter while the adjusted ebitda margin improved to 59 per cent from 35 per cent in the prior year quarter. The decline in the third quarter of 2019 was principally as a result of the transition of the company’s Danskin and Mossimo direct to retail licenses in its women’s segment. Revenue for the third quarter of 2019 was also impacted by the effect of the Sears bankruptcy on its Joe Boxer and Bongo brands in the women’s and the Cannon brand. While Iconix recently signed new agreements with the new Sears and Kmart for the Cannon and Joe Boxer brands, overall revenue for the Cannon and Joe Boxer brands was down year over year. Revenue for the men’s segment increased nine per cent in the third quarter of 2019 compared to the prior year quarter, primarily from the Buffalo and Starter brands. The international segment declined 17 per cent in the third quarter of 2019 primarily as a result of the poor performance of Umbro in China and Umbro and Lee Cooper in Europe.

 

 
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