US: New brands boost Cherokee's Q2 profit
- Q2 profit up 16% to $2.3m
- Sales increase 17% to $8.8m
- Driven by new brands and international expansion
New brands and international business expansion helped brand management company Cherokee Global Brands to book double-digit earnings and sales growth in the second quarter.
Net income reached US$2.3m for the three months to 2 August, compared to $1.9m in the same period of the prior year.
Revenues increased 17% to $8.8m from $7.5m last year, helped by the company's Tony Hawk signature brand acquisition and continued organic growth of the Cherokee brand internationally.
Cherokee brand revenues for its key global partners in Asia, Latin America, and Canada have all continued to perform solidly, it said.
"We are very pleased with our top- and bottom-line results for the first-half of fiscal 2015," said CEO Henry Stupp.
He later added: "We fully expect the second half of fiscal 2015 will continue to show positive developments for Cherokee Global Brands through the execution of our strategic growth plan including the identification of new brand acquisitions and organic growth geographically as well as via category expansion of our existing brands."
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