Home / Knowledge / News / Apparel/Garments / Cherokee Q1'FY14 revenues boost 23.7% to $10mn
Cherokee Q1'FY14 revenues boost 23.7% to $10mn
11
Jun '14
Cherokee Global Brands, a global marketer of style-focused lifestyle brands, reported financial results for the first quarter ended May 3, 2014.
 
Highlights: 
-First quarter revenues increased 23.7% to $10.0 million
-First quarter net income increased 121.4% to $3.6 million
-First quarter EPS increased 121.4% to $0.43 per diluted share
-Announce Corporate Rebranding Initiative to ‘Cherokee Global Brands’
 
Revenues for the first quarter increased 23.7% to $10.0 million, compared with $8.1 million in the prior-year period. The increase in revenues relates to continuing organic growth of the Cherokee brand and the recent Tony Hawk brands acquisition. SG&A expenses totaled $4.8 million, an 11% decrease from $5.4 million in the prior-year period.
 
The decrease in SG&A was due to approximately $1.0 million of professional and consulting fees that did not recur in the first quarter fiscal 2015. On a Non-GAAP basis SG&A expenses totaled $4.8 million, or 48% of sales compared to $4.4 million, or 55% percent of sales versus the prior year period. The improvement on a percentage basis was due to the Company’s continued focus to leverage its operating structure and improve operating margins.
 
Net income totaled $3.6 million, or $0.43 per diluted share, compared with $1.6 million, or $0.19 per diluted share, in the first quarter of 2014. On a Non-GAAP basis net income totaled $3.6 million, or $0.43 per diluted share, compared with $2.2 million, or $0.27 per diluted share in the prior year period. A reconciliation of GAAP to non-GAAP financials can be found in a table at the end of this release.
 
The company also announced its corporate rebranding initiative as ‘Cherokee Global Brands.’ The rebranding offers a refreshed image, logo and marketing materials to better communicate its strong leadership position within the licensing industry and efforts to provide exemplary service on a global basis to its retailers, licensees and potential future partners.
 
“This is an exciting time for Cherokee Global Brands. The first quarter marked our strongest top and bottom line results since I joined the Company three years ago, and an extremely solid start to the fiscal year,” said Chief Executive Officer Henry Stupp. “Consistent with our initiatives, our focus lies on taking our group of brands, and making them even better, while expanding our global footprint.
 
"We continue to unlock the value and potential of Cherokee Global Brands through our turn-key 360° degree licensing model. Through this transformation we are now able to deliver higher quality product and services than ever before. We will continue to make investments in our brands and partnerships to enhance Cherokee Global Brands and helping our partners achieve success.”
 
At May 3, 2014, the Company had cash and cash equivalents of $1.6 million, compared to $3.6 million at February 1, 2014.
 

Cherokee


Must ReadView All

Serbian economy minister Goran Knezevic (left) and Taypa president Mesut Toprak after signing the MoU. Courtesy: Serbian Government/SeeNews

Textiles | On 20th Oct 2017

Turkish group Taypa to build textile factory in Serbia

Turkish textile group Taypa will invest euro 35 million ($41.2...

China’s textile & apparel exports rise 4.3% in Sept ’17

Textiles | On 20th Oct 2017

China’s textile & apparel exports rise 4.3% in Sept ’17

Registering an increase of 4.3 per cent year-on-year, the exports of...

Courtesy: Messe Frankfurt

Textiles | On 20th Oct 2017

Heimtextil to focus on textile solutions for architects

Heimtextil 2018, world's leading trade fair for home and contract...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

October 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
77.9%
No
13.2%
Skip
8.8%

Total Votes: 68

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
61.8%
No
27.9%
Skip
10.3%

Total Votes: 68

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
85.3%
No
10.3%
Skip
4.4%

Total Votes: 68

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
75.0%
No
11.8%
Skip
13.2%

Total Votes: 68


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