Fall in Cherokee Q2 net revenue

Cherokee, a global brand management company, reported its net revenues for the second

quarter of 2012 were 6.3 million dollars (Rs 35 crores), down from 6.7 million dollars (Rs 37 crores) in the prior-year period. SG&A expenses for the second quarter totaled 3.64 million dollars (Rs 20 crore), a decrease from 3.95 million dollars (Rs 21 crores) in the second quarter of fiscal 2012. Net income for the second quarter was 1.6 million dollars (Rs 8 crore), or 0.19 dollars (Rs 10.5) per diluted share, compared with 1.7 million dollars (Rs 9 crore), or 0.20 dollars (Rs 11.1) per diluted share, in the prior-year period.

“The first half of fiscal 2013 has been very productive for the Cherokee Group, marked by further global expansion, additional product category extensions and the continued development and execution of our long-term strategic growth plan,” said Cherokee Group Chief Executive Officer Henry Stupp. “Revenue growth in the first half of the year was well diversified geographically, with nearly all of our retail partners posting solid year-over-year increases in royalty revenues in most of the over 40 countries where Cherokee branded products are sold.”

The California-based Cherokee Group also announced that it has acquired the Liz Lange Maternity and Completely Me brands for an aggregate purchase price of up to 14 million dollars (Rs 77 crores), inclusive of performance based earn-outs.