Apparel maker Cherokee Inc. reported fourth-quarter earnings plummeted 86.4 percent, because of a onetime payment that boosted last year’s results.
For the three months ended Feb. 2, earnings fell to $2.8 million, or 31 cents a diluted share, from $20.7 million, or $2.33, in the year-ago period. Last year’s results were helped by a $33 million payment in connection with a so-called finders agreement. In that transaction, Iconix Brand Group Inc. agreed to pay the $33 million to Cherokee in exchange for Cherokee dropping its offer to purchase Mossimo. That paved the way for Iconix to later acquire Mossimo. Total revenues, which predominantly come from royalties, fell 79 percent to $8.7 million from $42.2 million.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"