Iconix Brand Group, a US-based premier brand management company, has posted 22 per cent decrease in its revenue to $28.0 million in the first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $35.9 million in same period prior year. Operating loss during Q1 FY20 was $4.9 million compared to operating income of $18.4 million.
Iconix Brand Group, a US-based premier brand management company, has posted 22 per cent decrease in its revenue to $28.0 million in the first quarter (Q1) FY20 ended on March 31, 2020 compared to sales of $35.9 million in same period prior year. Operating loss during Q1 FY20 was $4.9 million compared to operating income of $18.4 million. #
“While we began 2020 focused on the continued stabilisation of our business and our operational cost structure, the Covid-19 pandemic has had a meaningful near-term impact on our business and that of our licensees,” Bob Galvin, CEO at Iconix, said in a press release.
Women’s segment revenue declined 23 per cent reportedly due to decrease in licensing revenue from our Mudd brand. Revenue from the men’s segment fell 38 per cent to $6.8 million compared to $10.9 million due to decrease in licensing revenue from Buffalo and Umbro brands.
Sales in home segment declined 9 per cent due to a decrease in licensing revenue from Royal Velvet brand. Company’s International segment revenue declined 12 per cent due to decreases in Latin America and Europe.
Fibre2Fashion News Desk (JL)
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