Cherokee Global Brands reported quarterly results for its first fiscal quarter of 2017 on Thursday, missing Wall Street earnings estimates.
The Sherman Oaks fashion licensing company reported net income of $2.58 million (30 cents a share) for the quarter ending April 30, compared to net income of $3.57 million (42 cents) for the same quarter a year ago. Revenue increased 4.4 percent to $10.7 million.
Analysts on average expected net income of 39 cents on revenue of $10.5 million, according to Thomson Financial Network.
“We are pleased with the pace with which we are onboarding new retail partners and wholesale licensees as we transition our namesake Cherokee brand domestically,” Chief Executive Henry Stupp said in a statement. “Through these partnerships, Cherokee will expand into more categories and realize significantly higher royalty contributions going forward.”
Shares closed down 23 cents or 1.6 percent to $14.40 on the Nasdaq.