Net revenues for the quarter were $6.0 million, consistent with the prior-year period. SG&A expenses, which include the amortization of trademarks, totaled $4.3 million, an increase from $3.5 million in the prior-year period. For the quarter, net income totaled $1.1 million or $0.13 per diluted share, compared with $1.5 million, or $0.18 per diluted share, in the fourth quarter of 2012.
For Fiscal Year 2013, net revenues totaled $26.6 million, an increase of 3.7%, from $25.6 million in the prior year period. SG&A expenses totaled $15.5 million, up from $14.9 million in 2012. The uptick in SG&A during the quarter and fiscal year was primarily related to increased costs associated with product development, professional fees, and additional costs related to employee stock compensation.
For the year, net income totaled $6.8 million, or $0.81 per diluted share, compared with $7.5 million or $0.89 per diluted share in Fiscal 2012. Net income for the previous year time period takes into account a tax benefit from the California Franchise Tax Board received in FY 2012. Excluding the Franchise Tax Board refund, fiscal year 2012 earnings per share would have been $0.72.
“Fiscal 2013 was a pivotal year for the Cherokee Group,” said Cherokee Inc. Chief Executive Officer Henry Stupp. “We continued to see progress including the expansion of our portfolio of apparel categories, brands and geographies as well as the addition of retail and financial experts to our Board and senior management team. The continued growth of our namesake Cherokee brand, particularly at Target, along with the addition of Liz Lange, Cherokee School Uniforms, and àle by Alessandra drove our success and expansion over the past year.
“Through our 360 degree licensing approach, we saw consistent branding and product quality across our many partner countries and, as a result, have been able to deploy our brands faster and in more markets than even before. Most notably, after renewing our relationship with leading UK retailer Tesco one year ago, we are proud to announce that an enhanced premium collection of Cherokee men’s, women’s, and children’s apparel is now available at 279 Tesco stores throughout the UK and Central Europe.”
Mr. Stupp concluded, “We have made much progress over the past twelve months, although our work is far from complete. We will continue to strengthen our retail partnerships, expand our category offerings, and develop new partnerships to further propel the Cherokee Group toward continued success. The investments we make over the coming years will be made with our customers’, partners’, and stockholders’ interests in mind to ensure that we maintain a solid financial position while also generating value.”
At February 2, 2013, the Company had cash and cash equivalents of $2.4 million, compared to $7.4 million at January 28, 2012. The $5.0 million difference in cash and cash equivalents resulted from the Company’s prepayment of all outstanding principal and interest from its former loan agreement with U.S. Bank.
Textiles | On 23rd Jun 2017
Hans-Christian Meyer, former president of Ralph Lauren Corporation,...
Apparel/Garments | On 23rd Jun 2017
Uware Brands has entered into a licensing agreement with Polaroid for ...
We have broad range of options in durable fabrics
Shri Dinesh Mills Limited
Broad range of fabrics will sell well this financial year
Shiladitya K Joshi
Truetzschler India Private Limited
India ITME provides a platform to interact with our stakeholders
InvestKonsult Sweden AB
Investkonsult Sweden AB has been buying and selling second-hand textile...
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
Suominen Corporation is a manufacturer of nonwovens as roll goods for...
Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...
Somaiya Kala Vidya
Among the many honours showered on Frater, including Fulbright and Ford...
Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...