Cherokee Inc.’s third-quarter profits were weighed down by an increase to its tax provision, but the brand manager reported an improvement in its recent revenue trends and unveiled two licenses for its Sideout label.
The Van Nuys, Calif.-based firm’s profits fell 14.8 percent to $2.8 million, or 31 cents a share, from $3.3 million, or 37 cents, a year earlier. Its income tax provision for the quarter ended Oct. 31 rose to $1.9 million from $1.5 million a year ago.
Royalty revenues slid 1.4 percent in the U.S. and grew 1.5 percent internationally, making for an overall $5,000 rise in total revenues to $8 million. Although modest, the increase marked a turnaround from the first half’s 23.1 percent revenue drop after the liquidation of the Mervyns chain last year and declining sales at Target Corp.
“During the third quarter, we signed up two new licenses for our Sideout brand, and in November we announced our new licensing agreement for the Cherokee brand in China,” said Howard Siegel, president. “We look forward to additional revenue streams from our new licenses over time, while we continue to pursue new licensing opportunities with premier clients around the world.”
Cherokee signed an exclusive U.S. deal with ACI International to produce men’s, women’s and children’s footwear under the Sideout and Sideout Sports brands.
For the nine months, earnings fell 20.9 percent to $9.5 million, or $1.07 a share, from $12 million, or $1.34, a year earlier. Revenues declined 16.9 percent to $25 million from $30.1 million.
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive