Cherokee Inc. blamed retail weakness, including reduced royalties from Target, for a decline in profits and revenues in the second quarter, but the company will still pay out a previously announced dividend later this month.
The Van Nuys, Calif.-based brand management firm reported a 17.7 percent drop in profits in the period, to $4 million, or 45 cents a diluted share, from $4.9 million, or 55 cents a share, a year ago. Revenues for the quarter ended Aug. 2, derived from royalties, dropped 11.4 percent to $10.5 million from $11.9 million in the same period last year.
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)