Cherokee reports 30 percent growth in Q3 revenues

REPORT_ Cherokee Global Brands, for the third quarter of fiscal year 2015 ended November 1, 2014 said that its revenues for the third quarter increased 30 percent to 8.7 million dollars, compared with 6.7 million dollars in the prior-year period. The increase in revenues relates to Tony Hawk signature brands and continued organic growth of Cherokee branded products internationally. Net income totaled 2.3 million dollars, or 0.27 dollars per diluted share, compared with 1.6 million, or 0.19 dollars per diluted share, in the prior-year period.

“Cherokee Global Brands continues to achieve strong growth, with third quarter revenues up 30 percent year-over-year and 23 percent year-to-date,” said Henry Stupp, Chief Executive Officer, adding, “Furthermore, we have already surpassed our full year fiscal 2014 EPS results, generating 0.96 dollars per diluted share for the first nine months of fiscal 2015.”

“Our international business, and in particular Asia, Latin America and Canada, continues to make significant strides. We are transforming from a North American-focused company to a global entity with our namesake Cherokee brand now in over 50 countries and more than 5,000 doors,” Stupp added. We are currently in advanced negotiations to replace Tesco with other leading retailers in the UK and Central Europe markets,” Stupp added.

For the nine months ended November 1, 2014 revenues increased 23 percent to 27.4 million dollars, compared with 22.2 million dollars in the prior-year period. Year-to-date, net income totaled 8.2 million dollars, or 0.96 dollars per diluted share, compared with 5.1 million dollars, or 0.61 dollars per diluted share, in the prior-year period.