Cherokee Inc. Thursday reported an increase in first-quarter royalty revenues while earnings fell on expenses incurred to upgrade its financial controls.
In the three months ended May 4, the Sherman Oaks, Calif.-based brand management firm generated net income of $1.6 million, or 19 cents a diluted share, 21.7 percent below the $2.1 million, or 25 cents, reported for the first quarter of 2012. Stripping out $958,000 in professional fees related to the review and upgrade of financial controls, net income was $2.2 million, or 27 cents, 7.9 percent higher than the year-ago period.
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