US brand management firm Iconix Brand posts FY20 sales of $108 mn

Iconix Brand Group, a US-based premier brand management company, has reported 27 per cent revenue decline to $108.6 million in its fiscal 2020 that ended on December 31, 2020 compared to the revenue of $149.0 million in the previous fiscal. However, company’s net loss for the complete year reduced to $2.9 million (FY19: $99.9 million).

 

Iconix Brand Group, a US-based premier brand management company, has reported 27 per cent revenue decline to $108.6 million in its fiscal 2020 that ended on December 31, 2020 compared to the revenue of $149.0 million in the previous fiscal. However, company's net loss for the complete year reduced to $2.9 million (FY19: $99.9 million). #

“We operated at a high level throughout the pandemic due to our consistent focus on our business objectives. While we are hopeful that the pandemic will subside in 2021, we will continue to address the many pandemic-related challenges we face between now and then, and, at the same time, continue to focus on realising the opportunity that exists for our brands through focusing on building our pipeline of future business,” Bob Galvin, CEO at Iconix Brand, said in a press release.

 

Iconix Brand Group, a US-based premier brand management company, has reported 27 per cent revenue decline to $108.6 million in its fiscal 2020 that ended on December 31, 2020 compared to the revenue of $149.0 million in the previous fiscal. However, company's net loss for the complete year reduced to $2.9 million (FY19: $99.9 million). #

Selling, general and administrative expenses during FY20 were $59.3 million ($84.7 million). Operating income rose to $67.6 million (operating loss: $31.5 million).

 

Iconix Brand Group, a US-based premier brand management company, has reported 27 per cent revenue decline to $108.6 million in its fiscal 2020 that ended on December 31, 2020 compared to the revenue of $149.0 million in the previous fiscal. However, company's net loss for the complete year reduced to $2.9 million (FY19: $99.9 million). #

Revenues for women’s segment slipped 21 per cent to $25.2 million ($37.5 million) due to decrease in licensing revenue from our Mudd and London Fog brands partially offset by an increase in Danskin Brand. Whereas, men’s segment revenue dipped 35 per cent to $22.7 million ($36.8 million) due to decrease in licensing revenue from company’s Buffalo and Ecko Unltd brands partly offset by increase in Umbro brand. On the contrary, home segment sales jumped 62 per cent to $16.2 million ($14.7 million) due to an increase in licensing revenue from our Charisma and Cannon brands, partially offset by a decrease in Fieldcrest brand. International segment revenue fell 30 per cent to $44.4 million ($59.9 million) due to decreases in Latin America and Europe.

 

Iconix Brand Group, a US-based premier brand management company, has reported 27 per cent revenue decline to $108.6 million in its fiscal 2020 that ended on December 31, 2020 compared to the revenue of $149.0 million in the previous fiscal. However, company's net loss for the complete year reduced to $2.9 million (FY19: $99.9 million). #

“We had great success during this pandemic year, as we signed 190 deals for aggregate guaranteed minimum royalties of approximately $134 million, approximately the same amount that we signed in 2019,” Galvin said. “We have also made great strides to de-lever our balance sheet. From December 31, 2019 to today, through proceeds from assets sales and cash flow, we have reduced our Term Loan balance by over 52 per cent, or approximately $92 million.”