Cherokee Global Brands adds license agreements in positive first quarter
Cherokee Global Brands, a global marketer of style-focused lifestyle brands, on Friday reported positive results for its first quarter ended May 2, 2015. Revenues increased approximately 3% to $10.2 million, compared with $10.0 million in the prior-year period.
Operating income totaled $5.8 million, an improvement of 12%, compared with $5.2 million in the prior-year period. Operating margin was 57% versus 52% in the prior year period, also demonstrating increased operating leverage.
Net income totaled $3.6 million, compared to $3.6 million in the prior-year period.
"Cherokee Global Brands continues to experience strong growth as we develop our current brands and welcome new, exciting brands into our portfolio,” said Henry Stupp, Chief Executive Officer."
"While the first quarter posed some challenges relating to the residual impact of the Los Angeles port closures, the end of our partnership with Tesco in the UK and Target Canada closing its doors – we have exited the quarter stronger than before," he continued. "We recently entered into new retail partnerships with Sears Canada, Argos, and Sports Direct while also welcoming lifestyle brand Everyday California into our portfolio."
At May 2, 2015, the Company had cash and cash equivalents of $8.9 million, compared to $7.6 million as of January 31, 2015.
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