Iconix Brand Group Inc, which licenses shoe and clothing brands to retailers and manufacturers, reported lower-than-expected quarterly results as sales fell, prompting the company to cut its full-year forecast.

Spring-summer advertising campaign for Candie's, one of Iconix's brands / Photo: Candie's

Shares of the company fell as much as 14 percent before the bell to $14.60. They closed at $17.02 on Tuesday on the Nasdaq

First-quarter net income was $30.9 million, or 37 cents per share, compared with $35.1 million, or 42 cents per share, a year ago.

Excluding items, the company earned 43 cents per share.

Total revenue fell 4 percent to $88.5 million.

Iconix, which owns brands like Candie's, Danskin and Waverly, expects a full-year adjusted profit of $1.65 to $1.74 per share, down from its previous outlook of $1.77 to $1.84 per share.

The company had announced a joint venture in February with Reliance Brands, part of Mukesh Ambani's Reliance Industries , to sell its brands such as London Fog, Ed Hardy, Mossimo and Ocean Pacific in India.

Iconix said it was still waiting for government approval for the joint venture.