USA: Cherokee Posts 10.9 Per Cent Jump In Q1 Income
Licensing and global brand management company, Cherokee Inc, on Monday posted a 10.9 per cent climb in first quarter net income to $5.1 million from the year prior and said royalty revenue was up 9.5 per cent to $11.5m.
The California-based company, whose proprietary brands include Sideout and Cherokee, said its royalty revenue growth was thanks to improved retail sales of Cherokee branded merchandise by its worldwide licensees and revenue from brand representations.
It added retail sales of Cherokee branded merchandise increased 8.4 per cent to $503.3m versus $464.3m in 2001, with retail sales of Sideout branded goods up 30 per cent during the first quarter to $25.1m compared to $19.3m for the year-ago period.
Company president, Howard Siegel, commented: "First quarter results were slightly ahead of our expectations. We are particularly enthusiastic about the current launch of Carrefour in certain European markets and Tesco's launch this coming fall in the UK and Ireland.
"If this introductory year is successful, our revenue growth from these mega-retailers could provide material contributions to our earnings per share next year and thereafter."
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