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The adjusted EBITDA increased 30 per cent from the prior year quarter, while 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. Its 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 women’s and the Cannon brand in home. While Iconix recently signed new agreements with the new Sears and Kmart for the Cannon and Joe Boxer brands, the overall revenue for the Cannon and Joe Boxer brands was down year over year.
The men’s segment revenue increased 9 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 poor performance of Umbro in China and Umbro and Lee Cooper in Europe.
“Results for the third quarter of 2019 were consistent with managements’ expectations, as we continue to stabilise the business and our operational cost structure. Our focus on the business and costs continue to help improve our adjusted EBITDA margin. We continue to develop our pipeline of future business, as we have signed 155 deals year to date for aggregate guaranteed minimum royalties of approximately $126 million. Additionally, we have entered into an agreement regarding our shareholder class action litigation and an agreement in principle regarding the SEC investigation, potentially putting both of these lingering legacy matters behind us,” said Bob Galvin, CEO of Iconix Brand.
Iconix Brand Group, Inc, owns, licenses and markets a portfolio of consumer brands including: Candie's, Bongo, Joe Boxer, Rampage, Mudd, Mossimo, London Fog, etc. The company licenses its brands to a network of retailers and manufacturers.
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