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Iconix Brand Cuts 2018 Outlook

Iconix Brand Group Inc. (ICON) said that it lowered full year 2018 guidance, primarily as a result of the Sears Holdings Corporation bankruptcy filing on October 15, 2018.

The company lowered full year revenue guidance to $185 million - $195 million, from the prior range of $190 million to $220 million.

The company now expects annual GAAP loss of about $105 million - $115 million, compared to the prior estimation of loss $94.4 million to $104.4 million.

Full year non-GAAP net income guidance has been lowered to $5 million - $15 million, from the prior estimation of $20 million to $30 million.

GAAP net loss from continuing operations attributable to Iconix for the third quarter of 2018 reflects income of $20.2 million as compared to a loss of $550.6 million for the third quarter of 2017. GAAP earnings per share from continuing operations for the third quarter of 2018 reflects a loss of $0.01 as compared to a loss of $9.64 for the third quarter of 2017.

Non-GAAP net income from continuing operations for the third quarter was $1.2 million as compared to $13.9 million for the third quarter of 2017. Non-GAAP earnings per share from continuing operations for the third quarter of 2018 was $0.02 as compared to $0.24 for the third quarter of 2017.

Total revenue was $46.2 million, a 13% decline as compared to $53.2 million in the prior year quarter.

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