Apparel and footwear licensor Cherokee Inc today reported sales and earnings, which are "the strongest on record for a third quarter," propelled by the successful launch of the Cherokee brand with Tesco in Europe.

Net revenues for the three months ended 2 November 2002 rose 9.5 per cent to $6.1 million, compared to revenues of $5.5 million in the third quarter of 2001. Net earnings increased to $2.1 million or $0.25 per diluted share, compared with $1.9 million or $0.23 per diluted share last year.

Robert Margolis, chairman and CEO said the company believes sales of Cherokee branded products in Europe "are on track to approach $200 million in retail volume in their first year."

For the nine month period net revenues rose 7 per cent to $26.1 million, compared to $24.4 million in the same period last year. Net earnings for the nine months ended November 2, 2002 increased to $10.5 million or $1.24 per diluted share, compared to $9.7 million or $1.18 per diluted share in the same period last year.