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Cherokee Inc reports Q1 revenues jump 8%
08 Jun '05
3 min read
In fact, our Carole Little brands at TJX produced their largest quarter to date, and we're encouraged by their progress.
Internationally, royalty revenues grew 24.8% due to our continued growth in the U.K. and Ireland, and in Canada this quarter as well as from our recent launch in Mexico.
Continued growth internationally is expected through the growth of Cherokee brand in the U.K., Ireland and Mexico as well as through launches in several new territories with Tesco over the next 24 months. In addition, they expect some of our previously announced initiatives such as Latina at Sears, and HouseBeautiful at May Company department stores to begin generating royalty revenues for us in our third quarter. We continue to be very excited by the growth opportunities for the brands we own and represent as we seek worldwide licensing agreements."
Russell J. Riopelle, Chief Financial Officer, added, "Our record operating results during the first quarter validates the strength of our retail direct business model. They finished the quarter with $8.9 million of cash, $12.8 million of net receivables and no debt. In addition to the $0.50 per share dividend just paid to shareholders in March, we will pay another dividend of $0.50 per share on June 15th, evidencing continued execution of our goal of returning profits to shareholders."
Cherokee Inc based in Van Nuys, is a marketer, licensor and manager of a variety of brands it owns (Cherokns (Cherokee, Sideout, Carole Little and others) and represents. Currently, Cherokee has licensing agreements in a number of categories, including family apparel, fashion accessories and footwear, as well as home furnishings and recreational products.
Internationally, royalty revenues grew 24.8% due to our continued growth in the U.K. and Ireland, and in Canada this quarter as well as from our recent launch in Mexico.
Continued growth internationally is expected through the growth of Cherokee brand in the U.K., Ireland and Mexico as well as through launches in several new territories with Tesco over the next 24 months. In addition, they expect some of our previously announced initiatives such as Latina at Sears, and HouseBeautiful at May Company department stores to begin generating royalty revenues for us in our third quarter. We continue to be very excited by the growth opportunities for the brands we own and represent as we seek worldwide licensing agreements."
Russell J. Riopelle, Chief Financial Officer, added, "Our record operating results during the first quarter validates the strength of our retail direct business model. They finished the quarter with $8.9 million of cash, $12.8 million of net receivables and no debt. In addition to the $0.50 per share dividend just paid to shareholders in March, we will pay another dividend of $0.50 per share on June 15th, evidencing continued execution of our goal of returning profits to shareholders."
Cherokee Inc based in Van Nuys, is a marketer, licensor and manager of a variety of brands it owns (Cherokns (Cherokee, Sideout, Carole Little and others) and represents. Currently, Cherokee has licensing agreements in a number of categories, including family apparel, fashion accessories and footwear, as well as home furnishings and recreational products.
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