Cherokee Beats Expectations for Revenue, Income

Cherokee Global Brands on Thursday released fourth-quarter and full-year results for fiscal 2017 that beat Wall Street expectations for both earnings and revenue. The Sherman Oaks apparel licensing firm – which manages the fashion brands of designer Liz Lange and professional skateboarder Tony Hawk, among others – reported adjusted earnings of $1.8 million (15 cents a share) for the quarter ended Jan. 28. Net income for the same period last year was $1.7 million (19 cents). Fourth-quarter revenue was $15 million. Wall Street analysts on average had expected earnings of 13 cents a share on revenue of $6.9 million, according to Thomson Financial. Cherokee reported full-year adjusted earnings of $7.4 million (78 cents a share), a decline of roughly 20 percent from $9.2 million ($1.04 a share) for the year prior. Revenue for fiscal 2017 was around $41 million, compared to $35 million generated in 2016. Analysts on average had expected full-year earnings of 41 cents a share on revenue of around $33 million. Cherokee stock fell 10 cents, or 1.2 percent, to close at $8.20 on the Nasdaq.