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Cherokee posts $32.8 million revenue for 2017
May '17
On a year-over-year comparable basis, the consolidated revenue of Cherokee Global Brand, a global brand marketing platform, for 2017 was $32.8 million, compared with $34.7 million in the prior year. The decline is largely due to decrease in North America revenues. However, the company's revenues were $40.6 million including the contribution from Hi-Tec.

The consolidated revenues for the fourth quarter of fiscal 2017, including the contribution from Hi-Tec, were $15.0 million. Hi-Tec revenues totaled $7.8 million in the quarter and included $6.6 million in indirect product sales related to distribution and government contracts, as well as $1.2 million in licensing revenues stemming from new and existing licensing deals for the Hi-Tec portfolio of brands. On a year-over-year comparable basis, Cherokee Global Brand revenues, excluding Hi-Tec, were $7.2 million, a decrease of 8.8 per cent from $7.8 million in the prior year period. 

GAAP selling, general and administrative (SGA) expenses were $18.9 million in the fourth fiscal quarter of 2017, compared to $5.9 million in the prior-year period. SG&A expenses for fiscal 2017 totaled $38.9 million, compared with $21.3 million in the prior year. The increase in SG&A for the fourth quarter and fiscal 2017 was primarily related to an increase in professional fees from legal and due diligence expenses associated with the Hi-Tec acquisition of $11.5 million and $15.3 million, respectively, and which includes restructuring and integration costs associated with the acquisition of Hi-Tec.

The company's adjusted EBITDA for the fourth quarter of fiscal 2017 was $2.9 million, compared to $2.7 million in the same period for previous year. There was a decline in the adjusted EBITDA for fiscal 2017 with a total of $13.4 million, compared to $15.9 million in the in the prior year. (RR)

Fibre2Fashion News Desk – India

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