UPDATE 1-Iconix Q2 profit rises 11 percent
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Aug 5 (Reuters) - Iconix Brand Group Inc (ICON.O) posted an 11 percent rise in second-quarter profit, meeting market estimates, driven by strong licensing revenue and reaffirmed its previously issued full-year 2008 forecast.
The company, which owns and licenses a popular collection of brands like Candie's, Joe Boxer and Rocawear, earned $16.5 million, or 27 cents a share, compared with a net profit of $14.8 million, or 24 cents per share, a year earlier.
For the quarter ended June 30, licensing revenue rose 32 percent to $51.7 million.
Analysts on average expected earnings of 27 cents a share, excluding special items, on revenue of $53.15 million, according to Reuters Estimates.
Iconix, which recently announced international expansion for five of its brands including Joe Boxer and Rocawear, said that it continues to expect 2008 revenue of $215 million to $220 million and earnings per share between $1.15 and $1.20.
Analysts on average expect earnings of $1.17 on revenue of $220.55 million.
Shares of the New York-based company were up 67 cents at $12.85 in trading before the bell. They closed at $12.18 Monday on Nasdaq. (Reporting by Divya Nair in Bangalore; Editing by Bernard Orr)
