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Thursday, Jun 8, 2023

Cherokee Beats Estimate on Asia Sales

Apparel brand-licensing company Cherokee Inc. narrowly beat an analyst profit estimate for its fiscal first quarter on Thursday as the company reported strong sales in Asia. The Van Nuys company reported net income of $2.2 million (27 cents a share) in the fiscal first quarter ended May 4, compared with $2.1 million (25 cents) for the same quarter a year earlier. Revenue was up 7 percent to $8.1 million. An analyst had estimated earnings of 26 cents a share, according to Thomson Financial Network. The company, best known in the U.S. for its line of clothing at Target stores, said it saw significant increases in the Asian market. In March, the company launched an online store on China’s largest e-commerce website, Tmall.com. Cherokee Chief Executive Henry Stupp also said sales increased 46 percent at RT Mart retail outlets. “Our progress in the first quarter has positioned us well for continued growth throughout fiscal 2014,” he said in a prepared statement. Cherokee shares closed up 22 cents, or 1.65 percent, to $13.54 on the Nasdaq.

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