>>
Home / Knowledge / News / Apparel/Garments / Cherokee Q1 FY'14 sales rise 7.2%
Cherokee Q1 FY'14 sales rise 7.2%
14
Jun '13
Cherokee Inc., a global marketer of style-focused lifestyle brands, reported financial results for the first quarter ended May 4, 2013.

Highlights:

- Q1 revenues up 7.2% year-over-year
- Expanded e-commerce presence in Asia; RT Mart China retail sales up 46% over Q1 2013
- Landmark Group’s Max Stores launch the Cherokee brand at 48 stores in the Middle East
- $1.0 million in fees related to the material weaknesses identified in the 2013 annual report

Net revenues for the quarter were $8.1 million, up approximately 7.2% from $7.5 million in the prior-year period. The increase in revenues was primarily the result of revenues from Liz Lange and higher revenues from other international licensees partially offset by a decrease in royalty revenues at Zellers due to their recent closing.

SG&A expenses, which include the amortization of trademarks, totaled $5.4 million, compared to $4.2 million in the first quarter of Fiscal 2013. Included in this increase in SG&A for the quarter are $1.0 million of professional and consulting fees that the Company believes will not recur and are related to the identification and remediation of weaknesses identified in the Company’s 10-K/A for the Fiscal Year 2013.

These fees included audit fees, legal fees and consulting fees to evaluate Cherokee’s control systems and procedures, perform SOX related testing and compliance work, and provide additional analysis around tax provision, expense oversight and reconciliation analysis.

Management believes that these expenses make it difficult for investors to evaluate the underlying performance of the business and that non-GAAP net income excluding these expenses and related tax effects provides a useful measure of performance for the quarter as it offers consistency and comparability with past financial performance, facilitates period-to-period comparisons, and enables better comparisons with other peer companies.

Excluding these items, first quarter 2014 adjusted net income totaled $2.2 million or $0.27 per diluted share, up from $2.1 million, or $0.25 per diluted share, in the first quarter of 2013.

For the quarter, the Company generated GAAP net income of $1.6 million, or $0.19 per diluted share, compared to GAAP net income of $2.1 million or $0.25 per diluted share in the prior-year time period.


Must ReadView All

Pic: Dreamstime.com

Textiles | On 22nd May 2022

China raises support for economic growth by cutting lending rate

China recently cut the market-based benchmark lending rate to shore...

Pic Andrey Sirant | Dreamstime.com

Textiles | On 22nd May 2022

CPTPP helps boost Vietnam-Australia trade, investment cooperation

The Comprehensive and Progressive Agreement for Trans-Pacific...

Pic. Shutterstock

E-commerce | On 22nd May 2022

Strong momentum in China's cross-border e-com, rises 18.6% YoY in 2021

China's cross-border e-commerce has rapidly grown in the last few...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Global supply chain collapsed during the pandemic

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Zuzana Gombošová,

Zuzana Gombošová

Started as a research project in 2015, everything at Malai starts with...

Sarah Bellos,

Sarah Bellos

Stony Creek Colors was started in 2012 to build a new future for natural...

Meghna Kishore & Barkha Bhatnagar Das,

Meghna Kishore & Barkha Bhatnagar Das

Being conscious of living mindfully themselves, two sisters embarked on a...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Claudio Fracasso, FARÈ

Claudio Fracasso
FARÈ

Since 1970, Italy-based company FARÈ has been designing and manufacturing...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

DR. M.M Kariappa, Vogue Institute of Art and design

DR. M.M Kariappa
Vogue Institute of Art and design

<div>Dr. MM Kariappa started Vogue Institute of Art &amp; Design in the...

Marylin Fitoussi, Netflix Show - Emily In Paris

Marylin Fitoussi
Netflix Show - Emily In Paris

Netflix’s renowned show Emily in Paris’s costume designer Marylin Fitoussi ...

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

Leave your Comments

ESTEEMED CLIENTS

NITI Aayog
Groz-Beckert East Asia LLP
CSGIA(China Screen Printing & Graphic Imaging Association)
Coats Digital Limited
Tommy Hilfiger
Italian Trade Commission
Tchibo GmbH
Permoda(Koaj/Armi/Pronto/Bkul)
Woolmark Services India Pvt. Ltd.
Aramark Uniform ;& Career Apparel, LLC
Itema Weaving (India) Private Limited
Nihalani Events Management
Landmark Group
ZAITEX spa
Eurofins BLC Leather Technology Centre Ltd
Sportswear Company Spa
Benetton Group
Jiangsu Yingyang Nonwoven Machinery Company Limited
Nandan Denim Limited
BTC Textiles LLC
Equinox Impex India
Page Industries Limited (Bangalore)
IDH – The Sustainable Trade Initiative
K AND D ITMACH EXPOSITIONS LLP
Alix Partners
Vianney Textil Hogar S.A. De C.V.
Pt. Peraga Nusantara Jaya Sakti
Arvind Limited
Decathlon
Dow Silicones Corporation
Haelixa AG
Midas Clothing Limited
MAS Active / MAS Kreeda / MAS Bodyline
J ;& P Coats
Reiter India Private Limited
Eastman Chemical Company
TESCO INTERNATIONAL SOURCING LIMITED
Lululemon Athletica Inc
Splash
Under Armour Global Sourcing Ltd
EPCH
Istanbul Fuarcilik A.S.
Kern – Liebers Textile
Jindal Worldwide Limited
Mayer & Cie. GmbH & Co. KG
Maceton Limited
Tradewind International Servicing
Saurer Textile Solutions Pvt. Ltd.
OVS Hong Kong Sourcing Ltd.
GERBER TECHNOLOGY LTD.
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
KIABI
Lottmann Communications
Bluestem Global Sourcing Limited
Centric Software
Aleph Srl
IFF Media Ag - International Media Services
Recron Polyester from Reliance Industries Limited
IIGM Private Limited
Zünd Systemtechnik AG
Chori Company Limited
Newtech Textile Technology Development (Shanghai) Company Limited
Infor (Hong Kong) Limited
Lacoste (Wanchai)
Gatsby Africa
Helly Hansen Far East Ltd
Flainox S.r.l.
Comasia Limited
Etam Group Strategy Hong Kong Limited
Copenhagen Fashion Summit
TEXVALLEY MARKET LIMITED
Varner AS Retail
Officina Meccanica Dora Enrico Srl
Vardhman Textile Ltd
Rosset ;& Cia Limited
X-Rite Asia Pacific Limited (HK)
SYNERGIES HONG KONG LIMITED
CGS Inc.
Lectra Technologies India Pvt Ltd.
Brandix Lanka Limited
Shima Seiki Mfg. Ltd.
Indo Tex
TÜYAP IHTISAS FUARLARI A.S.
Rayonese Textile Inc., Division de Culp Inc.
G.A.S. unternehmenskommunikation gmbh
Thai Acrylic Fibre Company Limited
Sainsbury's Argos Asia Limited
Palexpo SA
Groz-Beckert KG
DuPont de Nemours, Inc.,
Truetzschler India Private Limited
The LYCRA Company Singapore  Pte. Ltd
Lenzing Aktiengesellschaft
PVH Corporation
THE BOMBAY DYEING ;& MFG.CO. LTD
Green Fibre
Marzoli Machines Textile s.r.l.
G-Star Raw C.V.
UBM China (Shanghai)
FULGAR SpA
GIOVANNI BOZZETTO S.p.A.
Thai Trade Center
Colours India Inc
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Color Service s.r.l.
Brückner Trockentechnik GmbH & Co. KG
Tory Burch Hong Kong Ltd
Lenzing Aktiengesellschaft - India
Alison Hayes Romania
John Varvatos
Thermore (Far East) Ltd.
GHCL LIMITED
IKEA of Sweden AB
Kornit Digital Asia Pacific Ltd
Boardriders Asia Sourcing Limited
Applied DNA Sciences Inc
Amazon China
DyStar India Pvt. Ltd
JES MEDIA, INC
H. Stoll AG & Company KG
Aquarelle Clothing Limited
Phong Phu international JSC (PPJ)
Lisa S.P.A.
Weitmann & Konrad GmbH & Co. KG
Chico’ FAS
Savio Macchine Tessili S.P.A.
LC Waikiki
TESTEX AG, Swiss Textile Testing Institute
International Sourcing Expo Australia
The LYCRA Company Singapore  Pte. Ltd
Babyshop
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Lifestyle
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
China World International Exhibition Company Limited
Indofil Industries Limited - Specialty & Performance Chemicals Division
Gloria Jeans
Target Corporation (MN)
Seasalt Limited
Xtema - Thomas Lebherz Textilmaschinen
Hela Clothing Pvt Ltd
Datatex Consulting Srl
APLF Limited
Meera Dyestuff Industries
Cat Tuong Real Estate Group Joint Stock Company
Rieter India Private Limited
BIMBA ;& LOLA SL
BRINKMANN GMBH
H;&M Hennes ;& Mauritz (Far East) Ltd
BTSR International S.P.A.
Stahl Holdings B.V.,
The Top Form Brassiere Manufacturing Company Limited
Sateri (Jiujiang) Fiber Co.,Ltd
Karl Mayer Textilmaschinenfabrik GmbH
Gap International Sourcing Limited
Messe Frankfurt Exhibition GmbH
Puma
USTER
Abit
KAS Direct Sourcing
FESPA (Reigate)
Bluesign Technologies Ag
Calvin Klein
BIANCA
Guess Europe Sagl,
Huntsman (Singapore) Pte Ltd
N9 World Technologies Private Limited
Loris Bellini S.r.l.
Restoque S.A.
Tuyap Tum Fuarcilik Yapim A.S.
Taiwan Textile Federation (TTF)
Walmart
T.T. Limited
NV Michel Van de Wiele
Gokaldas Exports Limited
VNU Exhibitions Asia
Hirdaramani International Export Private Limited
Asos
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Mesdan SPA
Shanghai  Aige Exhibition Service Co., Ltd
Esprit Europe Services GmbH
International Textile Manufacturers Federation
EUROVET ASIA LTD
C;&A Sourcing International Ltd
Sportmaster Ltd.
COTTON COUNCIL INTERNATIONAL
Datacolor AG Europe
Zydex Industries
EMBEE CORPORATION
SHAHI Exports Pvt Ltd
Messe Duesseldorf
Inter Expo Center Ltd.
ITMA Services Pte Ltd
Grasim Industries Limited
Performance Days
Recron Polyester from Reliance Industries Limited
Desigual - ABASIC, S.A.

May 2022

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


Advanced Search