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Cherokee Inc reports Q1 revenues jump 8%

Jun '05
Leading brand management company Cherokee Inc reported its highest ever revenue and earnings for its first quarter ended April 30, 2005.

Net revenues for the three months ended April 30, 2005 rose 8.0% or $1.0 million to $13.2 million, compared to revenues of $12.2 million in the comparable period last year.

Selling, general and administrative expenses for the three months ended April 30, 2005 were $3.1 million, up slightly from $3.0 million in the comparable period last year.

Net earnings for the three months ended April 30, 2005 increased by 9.9% to $6.1 million or $0.69 per diluted share, compared to $5.5 million or $0.64 per diluted share in the year ago period. The Company ended the quarter with cash and equivalents of $8.9 million, trade receivables of $12.8 million and no debt.

Robert Margolis, Chairman and CEO, said, "Our first quarter growth in revenues and net income represents our 18th consecutive quarter of revenue and net income growth as compared to the comparable quarter in the prior year. We are very excited about the team they have in place, and the many growth opportunities available to us.

Howard Siegel, President of Cherokee, stated, "They are pleased to report another record quarter of results as we continue to successfully expand and diversify the business worldwide. Royalty revenues in the U.S. increased 3.2% primarily due to the continued strength of our Cherokee brand and the growth of our Carole Little brands.

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