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.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)