Falling revenues and increased costs have seen Cherokee report a fall in net income for the second quarter to US$2.5m from $2.9m a year ago.

The licensor and brand management company, said that total royalty revenues for the period reached of $7.5m, as compared to $8.1m in the comparable period last year.

Cherokee’s operating expenses totalled $3.36m, which was slightly greater than the $3.34m in the comparable period last year.

“Slight increases in our U.S. royalties were offset by less favourable exchange rates and lower royalties from certain international accounts,” the company said.

Russell J. Riopelle, chief financial officer, said: “We finished the quarter in another strong cash position and a debt-free balance sheet. During our Second Quarter we paid a $0.38 per share dividend in June, and announced our September dividend of $0.38 per share.”

 

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