Home / Knowledge / News / Apparel/Garments / Cherokee Q4 FY'14 revenues up 6.2%
Cherokee Q4 FY'14 revenues up 6.2%
18
Apr '14
Cherokee Inc a global marketer of style-focused lifestyle brands reported financial results for the fourth quarter and full year ended February 1, 2014.
 
Revenues for the fourth quarter increased 6.2% to $6.4 million, compared with $6.0 million in the prior-year period. SG&A expenses totaled $5.0 million, an increase from $4.3 million in the prior-year period. The increase in SG&A expenses during the quarter was primarily related to acquisition costs associated with the Hawk Brands acquisition of approximately $1.0 million. 
 
For the quarter, net income totaled $1.0 million, or $0.11 per diluted share, compared with $1.1 million, or $0.13 per diluted share, in the fourth quarter of 2013. Non-GAAP net income totaled $1.7 million, or $0.20 per diluted share, compared with $1.1 million or $0.13 per diluted share in the prior-year period.
 
For Fiscal Year 2014, net revenues totaled $28.6 million, an increase of 7.7% from $26.6 million in the prior-year period. SG&A expenses totaled $18.6 million, up from $15.5 million in 2013. SG&A expenses during Fiscal 2014 included approximately $1.8 million for acquisition related expenses for the Hawk Brands acquisition and professional and consulting fees that were related to the identification and remediation of weaknesses identified in the Company’s 10-K/A for the Fiscal Year 2013. 
 
Excluding those costs, Non GAAP SG&A totaled $16.8 million. For Fiscal 2014, net income totaled $6.1 million, or $0.72 per diluted share, compared with $6.8 million or $0.81 per diluted share, in Fiscal 2013. Non-GAAP net income totaled $7.2 million, or $0.86 per diluted share, compared with $6.8 million or $0.81 per diluted share, in Fiscal 2013.
 
“Fiscal 2014 was a year of challenges, growth and market complexities and we continued to see progress including the development of our portfolio of apparel categories, brands and geographies as well as the addition of financial and retail experts to our senior management team,” said Cherokee Inc. Chief Executive Officer Henry Stupp.
 
“The meaningful progress of our Cherokee brand, particularly with the launch of Cherokee adults on Target.com, along with our recent brand acquisition of Tony Hawk and Hawk Brands are examples of our success this past year, and we expect will be growth drivers for years to come. We continue to execute against our long-term strategic plan, as well as evaluate new acquisition opportunities in order to generate value for both our shareholders and partners.”
 
At February 1, 2014, the Company had cash and cash equivalents of $3.6 million, compared to $2.4 million at February 2, 2013.
 

Cherokee

Must ReadView All

Courtesy: The Irish News/Christian Cowan (Google)

Fashion | On 24th Feb 2017

Google & Christian Cowan create 'really blue' jeans

Google has partnered with British fashion designer Christian Cowan to ...

Courtesy: Applied DNA Sciences

Apparel/Garments | On 24th Feb 2017

SigNatureT DNA can help prevent apparel counterfeiting

SigNatureT DNA is forensic molecular tag by Applied DNA Sciences...

Textiles | On 24th Feb 2017

Pakistan's textile exports down 1.54% in July-Jan FY17

The value of textile and garment exports made by Pakistan decreased...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search