USA: Cherokee Reveals Record Q2 Sales, Income
Leading licensor of fashion apparel and footwear brands, Cherokee Inc, on Wednesday announced a 13 per cent rise in second quarter earnings from the year-ago period on the back of record revenues.
The California-based firm, whose retail clients include Target Stores, TJX Companies, Zellers, Tesco and Shanghai Bolderway, posted net earnings for the three months ended August 2 of $3.7 million, or 43 cents per diluted share, versus $3.3m, or 38 cents per share, last year.
Net revenues for the second quarter of 2004 rose 15 per cent to $9.9m from $8.6 million in the second quarter of 2003.
Chairman and CEO, Robert Margolis, said: "We were pleased to announce record revenues and earnings for the second quarter of fiscal 2004, which we believe is a testament to the diversity and strength of our various brands and relationships with leading retailers around the world."
President Howard Siegel added: "We recently facilitated the signing of an exclusive licensing agreement for the Hot Kiss brand in China with Zhejiang Xuege Fashion Co Ltd, and believe this is another example of our ability to execute our business model around the globe.
"We will continue to seek out additional opportunities with our current brands and potential new brands to implement our concept domestically and internationally."
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