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Friday, Mar 29, 2024

Cherokee’s Q3 Earnings Drop

Cherokee Inc.’s net income dropped for the third quarter of this year compared to the same period last year, which was partially due to challenges with international accounts, the Van Nuys global brand management company announced. The company had net income of $2.3 million, or $0.26 per diluted share, on royalty revenues of $7.7 million for this year’s third quarter. This was a drop from the same period last year, when the company had net income of $2.8 million, or $0.31 per diluted share, on royalty revenues of $8 million. “We finished the quarter in another strong cash position and a debt-free balance sheet,” said Russell J. Riopelle, the company’s chief financial officer. “We are encouraged that our third quarter U.S. royalties kept pace with last year, however, this was offset by less favorable exchange rates and retailer’s reducing their prices, resulting in lower royalties from certain international accounts.” Cherokee’s operating expenses increased to $3.87 million for this third quarter compared to $3.33 million for third quarter of 2009. Jessica Vernabe

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