Iconix 2010 Outlook Disappoints Investors

NEW YORK (AP) — Iconix Brand Group Inc., which owns apparel brands including Candie's, Joe Boxer, Mossimo and London Fog, on Tuesday gave 2010 guidance that disappointed investors, and shares fell.

Shares fell 97 cents, or 7.3 percent, to $12.40 during morning trading. The stock has traded between $5.11 and $18.30 over the past year.

The company reiterated 2009 earnings guidance of $1.17 to $1.22 per share, excluding one-time items, on revenue of $215 million to $220 million.

Analysts polled by Thomson Reuters, on average, predict a profit of $1.19 per share on revenue of $216.7 million. Analyst estimates typically exclude one-time items.

Iconix expects a profit of $1.25 to $1.30 per share in 2010, excluding one time items. That's below the $1.34 per share analysts are expecting. It predicted revenue of $260 million to $270 million, above the $242.6 million analysts predict.

The news came as Iconix reported third-quarter profit rose 25 percent and the company said it is taking a controlling stake in Ecko's portfolio of brands.