Home / Knowledge / News / Fashion / CHKE to launch Norma Kamali brand at Wal-Mart in fall

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

12
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


Must ReadView All

Pic: Hai Huy Ton That | Dreamstime.com

Textiles | On 29th Nov 2021

Vietnam’s textile-garment industry may flourish in 2022: Industry body

Vietnam’s textile-garment sector is expected to earn $40 billion in...

Pic: Andy Nowack | Dreamstime.com

Textiles | On 29th Nov 2021

US textile & apparel exports up 20.15% in Jan-Sept 2021

The exports of textile and apparel from United States increased by...

Pic: craig hastings | Dreamstime.com

Textiles | On 29th Nov 2021

Germany’s GDP rises by 1.7% in Q3 2021 over Q2: Destatis

Germany’s gross domestic product (GDP) rose by 1.7 per cent in the...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Textile Industry, Head honchos

Textile Industry
Head honchos

Uniform designing is a numbers game

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Abdullah Mohammad Saad Hossain,

Abdullah Mohammad Saad Hossain

Saad Group is a leading vertically integrated textile group in Bangladesh. ...

Raiyan Islam,

Raiyan Islam

Founded in 1981 by Sayeeful Islam, Concorde Garments Group is a market...

Akram Tariq Khan,

Akram Tariq Khan

E-commerce brand YourLibaas meaning "garment or attire" in Udru, was...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

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

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah & Sandeep is a luxury menswear label...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

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


November 2021

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


Advanced Search