US: Cherokee Q2 net income falls on declining sales
Cherokee posted a decline in second quarter net income on the back of falling sales.
The company said today (6 September) that net income was US$1.6m in the quarter ended 28 July, down from $1.7m in the same period of last year.
Revenue fell to $6.3m from $6.7m in the second-quarter of 2011. However SG&A expenses also fell to $3.64m from $3.95m in the second-quarter of 2011.
The company also announced today that it would acquire the Liz Lange Maternity-wear brand and Completely Me from Bluestar Alliance.
"The first half of Fiscal 2013 has been very productive for the Cherokee Group, marked by further global expansion, additional product category extensions and the continued development and execution of our long-term strategic growth plan," said Cherokee Group CEO Henry Stupp.
"Throughout the quarter, Cherokee's management team travelled around the globe to meet with key partners and support our 360 degree brand management approach. In fact, I just returned from meetings at Tesco's London headquarters and look forward to the re-launch of Cherokee men's, women's, girls' and boys' clothing at Tesco in spring 2013. We are also very proud of the growth we saw this past quarter in Asia, Latin America, and of course, domestically, with our largest retail partner, Target. This positive progress with Target has continued into the third quarter."
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