Iconix Brand Group’s stock (ICON) slipped as much as 10 percent when the market opened Tuesday, after posting a fourth-quarter net loss of $263 million, or $5.44 per diluted share.
The New York-based company cited a non-cash impairment charge of $438 million—primarily related to its men’s brands, including Rocawear, Ecko and Ed Hardy—as the reason its net income for the three months ended Dec. 31 declined from last year’s $17.53 million, or $0.32 per diluted share.
Iconix found itself in hot water with the Securities and Exchange Commission (SEC) last year due to accounting practices connected to those brands and the company recently announced it would restate specific financial statements from fiscals 2013, 2014 and 2015.
Read more at Sourcing Journal.
