By  on September 9, 2008

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.

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