US: Cherokee Global Brands Q1 earnings soar
- Q1 earnings soar to US$3.6m
- Sales climb 23.7%
- Re-branded to ‘Cherokee Global Brands'
Global brand management business Cherokee Global Brands saw its earning soar in the first quarter thanks to its recent Tony Hawk brands acquisition.
In the three months ended 3 May, net income totaled US$3.6m, compared to earnings of $1.6m a year earlier. The company, which has just revealed a corporate rebranding initiative to ‘Cherokee Global Brands', acquired the Tony Hawk brands from Quiksilver in a deal worth $19m earlier this year.
Sales in the period increased 23.7% to $10m, compared with $8.1m in the year ago period, primarily due to continuing organic growth of the Cherokee brand and the recent acquisition.
"This is an exciting time for Cherokee Global Brands," said CEO Henry Stupp. "The first quarter marked our strongest top and bottom line results since I joined the company three years ago, and an extremely solid start to the fiscal year. Consistent with our initiatives, our focus lies on taking our group of brands, and making them even better, while expanding our global footprint."
Cherokee Global Brands has acquired casual lifestyle brand Everyday California from owners and founders Michael Samer and Christopher Lynch....
Cherokee Global Brands has extended the agreement for its namesake Cherokee brand in Japan with Nishimatsuya Chain Co Ltd....
Cherokee Global Brands has entered into a license agreement with Sears Canada for a men's, women's and children's clothing, footwear and accessories line....
Cherokee Global Brands has said it is "on the right path" to expanding and develop its namesake label after booking a 75% jump in fourth-quarter profit, helped by strong sales growth and carefully man...
Cherokee Global Brands has entered into a new license agreement with Sports Direct International to launch a line of Tony Hawk athletic clothes and accessories for the European market....
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