With revenues from its largest customer continuing to trend downward, Cherokee reported its net income for the third quarter was relatively unchanged from the year ago period. Van Nuys-based Cherokee, which licenses brands globally, said its net income for the quarter ended Oct. 28 was $3.28 million or $0.37 per share, compared to $3.25 million or $0.37 per share for the like period a year ago. Revenues rose 5.3 percent to $8.8 million for the current quarter, compared to $8.4 million for the third quarter of its fiscal 2006. The company said selling, general and administrative expenses rose by about $500,000 compared to last year, due to payroll and stock option expenses as well as an increase in travel and marketing expenses. The company has been actively marketing its brands internationally, moving into markets in Eastern Europe and the Middle East among others. Royalty revenues from Target, however, were down 1.8 percent in the third quarter, the company said.
