Cherokee Beats Wall Street

Cherokee, Inc. (CHKE) on Thursday reported adjusted second-quarter earnings that beat Wall Street expectations. The global apparel brand management company, headquartered in Sherman Oaks, reported net profits of $1.9 million (22 cents a share), outperforming analyst predictions for the quarter by 2 cents per share, according to Thomson Financial Network. The figure represents a slight drop in year-over-year profits; for same period in 2015, Cherokee reported non-adjusted net profits of $2 million (23 cents). Cherokee missed analysts’ expectations for the period with quarterly revenues of $8.5 million, just short of Wall Street’s prediction of $9 million and unchanged from the prior-year period. Cherokee repurchased around 60,000 common shares at $12.24 per share in the second quarter. The company reported results after market close. Shares closed up 22 cents or 2 percent to $11.27 on the Nasdaq.