Iconix Revenues Dip on DTR Conversions, Sears Bankruptcy
Net income decreased 35% to $17,945,000 in the first quarter from $27,756,000 last year, with both periods benefitting from large non-cash fair value adjustments on the company’s convertible notes. Licensing revenue declined 26% to $35,942,000 from $48,548,000. ICON’s cost cutting plan resulted in $15 million in SG&A savings compared to Q1 ’17. Women’s segment revenues dropped 50% to $8.4 million due to the transition of the Danskin and Mossimo licenses to direct-to-retail, and the effect of the ... Log in to view full article.