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Iconix Brand Group Income Down 35%

Iconix Brand Group reported its second-quarter earnings on Thursday, posting results that just narrowly beat Wall Street’s expectations.

The company reported profits of $95.7 million, with EPS of 27 cents, down 2 percent from the same period last year. This beat analysts expectations, which had pegged profits at $95.22 million and estimated EPS of 22 cents. During the same quarter in the previous year, the company posted EPS of 45 cents.

Iconix, whose portfolio includes the likes of Candie’s and Badgley Mischka, saw its bottom line fall 35 percent during the quarter, reporting net income of approximately $13.9 million, down from $21.3 million in the second quarter of 2015.

“I am pleased that for the second quarter, our company has delivered solid results,” said Iconix CEO John Haugh during the company’s earnings call. “Our primary goal is to position ourselves to achieve growth while at the same time improving the balance sheet, and we are making progress on both of those fronts.”

He continued, “Over the past few months, we have conducted a broad strategic review of our company, our brands and the overall market. We have identified a number of opportunities that we believe will drive long-term growth that we look forward to sharing with you this fall. In addition, today our balance sheet is in a better position than it was a few months ago, following the refinancing of our 2016 convertible notes and the opportunistic repurchase of a portion of our 2018 convertible notes.”