US: Cherokee Q3 profit rises on revenue growth
- Q3 profit jumped 98% $2.1m
- Revenues up 11.9% to $6.7m
Global brand management business Cherokee has seen its third-quarter profits jump 98% on the back of rising revenues and lower costs.
Net income reached US$2.1m for the quarter to 27 October, compared to $1m the same period last year.
Net revenue was up 11.9% to $6.7m from $6m the prior year. The increase was driven by rising sales of Cherokee-branded products at Target and year-to-date progress at Zellers Canada, which more than offset declines at Tesco.
"With the holiday season in front of us and a new year in sight, the Cherokee Group is very pleased with the progress we have made and our positive growth outlook with our existing partners," said CEO Henry Stupp.
"For the third quarter, revenues were up 12% year-over-year, while SG&A expenses declined 19%. Our ability to maintain top-line growth while carefully managing our bottom line speaks to the global strength of our retail partners, our strong management team, and our exceptional group of designers, innovators, and relationship builders."
Cherokee said it remains optimistic about the remainder of fiscal 2013. The company added that it continues to seek new, successful brands to build its portfolio and will monitor its investments in its infrastructure.
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