USA: Cherokee Q3 sales grow by 5%
Apparel marketer Cherokee has posted a third-quarter pre-tax income rise, as retail sales grew in the company's four largest accounts.
Quarterly net revenues grew 5% to $8.4m compared to revenues of $8.0m in the same period last year. Net earnings were static at $3.3m, but pre-tax income rose 4.2% to $5.4m from $5.2m a year ago.
For the nine months ended 29 October, net revenues were up 8% to $32.8m compared to revenues of $30.4m a year ago.
Nine-month net earnings totalled $13.9m compared to $13.2m last year.
Chairman and chief executive Robert Margolis said: "We continue to successfully grow our business as evidenced by our 20th consecutive quarter of year-over-year revenue growth."
President Howard Siegel said: "Our third-quarter growth in revenues was due to the increases in retail sales of our four largest accounts: Cherokee-branded products at Target, Tesco and Zeller's, and from the growth of the Mossimo brand at Target.
"In addition, our Carole Little brands at TJX continued to grow as it has throughout this year. International revenues also grew, but the strengthening US dollar diminished some of this revenue growth."
Cherokee is a marketer, licensor and manager of a variety of brands it owns and represents.
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