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The following is an excerpt from a 10-K SEC Filing, filed by CANDIES INC on 5/16/2003.
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ICONIX BRAND GROUP, INC. - 10-K - 20030516 - MARKET_RISK

Item 7A. Quantitative and Qualitative Disclosure About Market Risk

The Company limits exposure to foreign currency fluctuations in most of its purchase commitments through provisions that require vendor payments in United States dollars. The Company's earnings may also be affected by changes in short-term interest rates as a result of borrowings under its line of credit facility. A change in interest rates of two percentage points or less would not materially effect the Company's Fiscal 2003 and Fiscal 2002 net losses.