Iconix Brand Group, a US-based premier brand management company, has posted 22 per cent dip in its revenue to $28.0 million in the Q1 of FY20 ended on March 31, 2020 compared to sales of $35.9 million in same period prior year. Operating loss of the group during Q1 FY20 was $4.9 million compared to operating income of $18.4 million.
While the group focused on continued stabilization of its business and its operational cost structure in the beginning of 2020, the COVID-19 pandemic has had a meaningful near-term impact on its business and licensees. Revenue from the brand’s women segment declined 23 per cent due to a fall in licensing revenue from its Mudd brand. Revenue from 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.
Home segment sales declined 9 per cent due to a decrease in licensing revenue from Royal Velvet brand. It’s international segment revenue declined by 12 per cent due to decreases in Latin America and Europe.