By  on June 7, 2012

Investments in its brands and a higher tax rate lowered first-quarter profits at the Cherokee Inc. more than a third despite a pickup in its royalty revenues.

In the three months ended April 28, Cherokee’s net income declined 36.3 percent to $2.1 million, or 25 cents a diluted share, from $3.3 million, or 38 cents, in the 2011 quarter. Year-ago profits were lifted about 14 cents a share by a onetime refund from the California Franchise Tax Board.

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