Home / Knowledge / News / Apparel/Garments / Cherokee Inc reports 3.7% rise in FY'13 sales
Cherokee Inc reports 3.7% rise in FY'13 sales
01
May '13
Cherokee Inc., a global marketer of style-focused lifestyle brands, reported financial results for the fourth quarter and full year ended February 2, 2013.

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.

Cherokee Inc


Must ReadView All

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search