By  on December 11, 2008

Brand manager Cherokee Inc. reported lower profits and royalties in the third quarter as a stronger dollar erased the impact of expense cuts and higher revenues from Target Corp.

Net income in the three months ended Nov. 1 dropped 12.1 percent to $3.3 million, or 37 cents a diluted share, from $3.7 million, or 41 cents, in the year-ago period. Royalty revenues fell 10.1 percent to $8 million from $8.9 million in the 2007 quarter.

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