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Iconix raises earnings guidance for 2013

By FashionUnited

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Iconix Brand Group, Inc. has offered a more optimistic

outlook for the coming months after forming a joint venture with Buffalo International ULC to acquire a 51 percent interest in the latter’s Buffalo David Bitton brand for 76.5 million dollars in cash. Consequently, Iconix has raised its earnings and revenue guidance for 2013.

Iconix Brand Group now expects its revenue in the range of 415 million–425 million dollars for 2013, up from 395 million–405 million dollars expected previously, reported Zacks Tuesday. The company has also raised its adjusted earnings outlook to a range of 2.00–2.10 dollars from earlier 1.85-1.95 dollars per share.

The company also expects increase in share repurchase activity for 2013. The company has already repurchased shares worth approximately $175 million under its current $200 million share repurchase plan. The company expects its weighted average diluted share count to be approximately 67–68 million for 2013.

Still in Wall Street, Cache Inc. (CACH) said Chairman and Chief Executive Thomas Reinckens will be stepping down to pass the baton to Jay Margolis. Also, the women's fashions company advanced higher-than-expected net sales for their last quarter, lifting analysts’ views on the stock

Elsewhere, Italian premium eyewear maker Safilo Group has announced the renewal of the licensing agreement with Banana Republic through January, 31, 2019 for the design, manufacturing and distribution of optical frames and sunglass collections.

Finally, PPR‘s stock had its “buy” rating reiterated by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Tuesday. They currently have a 229.73 dollars (170 euro) price target on the stock.

FashionUnited