Lower sales at Target Corp. and the liquidation of Mervyns cut into Cherokee Inc.’s second-quarter royalties and pushed profits down nearly 30 percent.
In the three months ended Aug. 1, net income was $2.9 million, or 32 cents a diluted share, 29.1 percent lower than the $4 million, or 45 cents, registered in the 2008 period. Revenues, all in the form of royalties, dropped 23.2 percent to $8.1 million from the year-ago level of $10.5 million.
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)