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

Textiles | On 30th Sep 2016

China aims 6-7% annual output growth in textile industry

The Chinese government has set a target to achieve average annual...

Apparel/Garments | On 30th Sep 2016

Cambodian workers to get $153 minimum wage from Jan

Garment workers in Cambodia would get a minimum wage of $153 per...

Textiles | On 30th Sep 2016

South Indian mills seek cotton storage facility in Colombo

South Indian textile mills, primarily those in Tamil Nadu are looking ...

Interviews View All

Mark Paterson
Technical Absorbents Ltd

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mohammad Hassan
Biax Fiberfilm

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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 2016

September 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search