The rise in revenue has been attributed to the acquisition of Flip Flop Shops in October 2015, a franchise retail chain offering footwear and accessories.
The company reported GAAP net income of $1.4 million or $0.16 per diluted share in the fourth quarter of FY16 as compared to $1.7 million or $0.19 per diluted share in the corresponding quarter last fiscal.
Operating income at the company was $1.9 million or 24 per cent of GAAP revenues during the quarter as compared to $2.7 million or 36 per cent of GAAP revenues in the previous quarter.
Commenting on the results, Henry Stupp, CEO of Cherokee Brands said, “During fiscal 2016, our branded retail sales approached $2 billion led by continued international growth and contributions from our strategic acquisitions, which include Flip Flop Shops.”
“Our global footprint currently spans over 9,000 doors in 50 countries worldwide and, with digital presence factored in, we expect our domestic and international brand awareness to grow in 2017,” he said.
“Retail is moving faster than ever before and retailers are seeking the vision, agility and scale that Cherokee Global Brands brings to the table,” Stupp informed.
“As we continue to add domestic licensees, our efforts are focused on identifying and onboarding new retail partners to ensure continued product placement for Spring 2017,” he added. (MCJ)
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