Please fill in your details to download the Table of Contents of this report for free. We also do customization of these reports so you can write to us at firstname.lastname@example.org in case you need any other additional information.
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.
| On 28th Sep 2020
The potential loss of tariff advantages offered by the European Union ...
| On 28th Sep 2020
Responding to the recent speech by the UK chancellor of the exchequer ...
An independent review launched by Boohoo in July has “has identified...
‘France had a reputation of being big in new ideas, but poor in marketing...
Everflow Petrofils Ltd
‘An innovative technology which India needs desperately is the...
‘Buying crowdsourced or creative designs are much more appealing to the...
Farheen B Rahman & Priti Jain
Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...
Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...
Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...
Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...
Wearable Technology Lab, University of Minnesota
A new study led by researchers at the University of Minnesota's Design of...
MIP is a manufacturer and distributor of high-performance textiles and...
She grew up in the walled city of Old Delhi, completed her studies, and...
"Now we can see the Russian trend in international fashion. And Russian...
Rajesh Pratap Singh
Rajesh Pratap Singh
<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...
Letter to Editor
Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.
Subscribe today and get the latest information on Textiles, Fashion, Apparel.