82.1 F
San Fernando
Thursday, Mar 28, 2024

Cherokee 3Q Revenues Decline Slightly

A weak global economy and a strengthening U.S. dollar overseas contributed to retail brand manager Cherokee Inc. reporting a 12 percent decrease in net income for the third quarter when compared with the previous year. Van Nuys-based Cherokee had net income of $3.3 million, or $0.37 per diluted share, on revenues of $8 million for the quarter ending Nov. 1. For the same period in 2007, the company had net income of $3.7 million, or $0.41 per diluted share, on revenues of $8.9 million. Year-to-date the company’s net income was reported at $12 million, or $1.34 per diluted share, on revenues of $30 million. For the same period a year ago, the company had net income of $13.6 million, or $1.52 per diluted share, on revenues of $32.9 million. International royalties dropped during the third quarter due to a soft retail economy in England and less favorable exchange rates from a strengthening dollar, said Cherokee President Howard Siegel. However, Siegel was optimistic about the future, saying that new revenue streams from Israel, Chile, Peru and Brazil have been fruitful and the company expects to move into India, Spain and the Middle East over the next 12 months.

Featured Articles

Related Articles