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CHKE to launch Norma Kamali brand at Wal-Mart in fall

Jun '08
Cherokee Inc, a leading global licensor and brand management company, reported its financial results for the first quarter ended May 3, 2008. Net income for the First Quarter decreased by a total of $341,000 to $4.7 million or $0.52 per diluted share, as compared to $5.0 million, or $0.56 per diluted share in the year ago period.

Although net revenues for the First Quarter decreased by $517,000 to $11.5 million, compared to revenues of $12.0 million in the comparable period last year, Cherokee's operating income -- due to lower expenses -- declined by only $341,000 to total $7.8 million in the First Quarter, as compared to $8.1 million in the comparable period last year. The Company ended the quarter with cash and cash equivalents of $16.9 million, trade receivables of $10.9 million, and no debt.

Howard Siegel, President of Cherokee, stated, "Our domestic royalty revenues for the First Quarter decreased by $1.2 million from the prior year, largely due to a reduction in royalty revenues earned from Target, which totaled $5.4 million for our First Quarter. This decline was primarily offset by the growth of international royalties, which increased 12.7% to $5.5 million.

Although we expect that domestic retail softness may continue into next year, we believe that new revenue streams from our Cherokee brand in Brazil and India will add to our international growth beginning in our third quarter. In addition, we are excited about the upcoming launch of the Norma Kamali brand at Wal-Mart, which is expected to occur in Fall 2008 and we believe this could be a significant contributor to our future royalty revenues."

Robert Margolis, Chairman and CEO, added, "We believe that our business model and strong balance sheet will serve us well through the current retail environment while we continue to implement and execute strategies designed to maximize value for our shareholders."

Russell J. Riopelle, Chief Financial Officer, commented, "We finished the quarter in another strong cash position and, as we previously announced, we will pay a dividend of $0.75 per share on June 17th."

Cherokee Inc

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