Cherokee FY’13 revenues up 3.7 percent

Cherokee reported financial results for the fourth quarter and full

year ended February 2, 2013. For Fiscal Year 2013, net revenues totalled 26.6 million dollars (Rs 142.8 crores), an increase of 3.7 percent, from 25.6 million dollars (Rs 137.3 crores) in the prior year period. SG&A expenses totalled 15.5 million dollars (Rs 83.2 crores), up from 14.9 million dollars (Rs 80 crores) in 2012. For the year, net income totalled 6.8 million dollars (Rs 36.5 crores), or 0.81 dollars (Rs 43.5) per diluted share, compared with 7.5 million dollars (Rs 40.2 crores) or 0.89 dollars (Rs 47.7) per diluted share in fiscal 2012.

Net revenues for the fourth quarter were 6.0 million dollars (Rs 32.2 crores), consistent with the prior-year period. SG&A expenses, which include the amortization of trademarks, totaled 4.3 million dollars (Rs 23 crores), an increase from 3.5 million dollars in the prior-year period. For the quarter, net income totalled 1.1 million dollars (Rs 5.9 crore) or 0.13 dollars (Rs 6.9) per diluted share, compared with 1.5 million dollars (Rs 8 crore), or 0.18 dollars (Rs 9.6) per diluted share, in the fourth quarter of 2012.

“Fiscal 2013 was a pivotal year for the Cherokee Group,” said Cherokee Chief Executive Officer Henry Stupp, adding, “We continued to see progress including the expansion of our portfolio of apparel categories, brands and geographies as well as the addition of retail and financial experts to our Board and senior management team. The continued growth of our namesake Cherokee brand, particularly at Target, along with the addition of Liz Lange, Cherokee School Uniforms, and àle by Alessandra drove our success and expansion over the past year.”

“Through our 360 degree licensing approach, we saw consistent branding and product quality across our many partner countries and, as a result, have been able to deploy our brands faster and in more markets than even before. Most notably, after renewing our relationship with leading UK retailer Tesco one year ago, we are proud to announce that an enhanced premium collection of Cherokee men’s, women’s, and children’s apparel is now available at 279 Tesco stores throughout the UK and Central Europe,” Stupp further added.