Cherokee Royalty Revenues Up 143% From Higher Sales
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Increased retail sales of Cherokee-branded merchandise helped fuel a 143% increase in first-quarter royalty revenues for Cherokee Inc.
The Van Nuys-based company, which licenses its Cherokee brand name to various clothing firms for a fee, saw first-quarter royalty revenues of $5.29 million, compared with $2.17 million for the comparable fiscal quarter a year ago.
Net income rose 34%, from $1.51 million in the year-ago quarter to $2.02 million in the first quarter of the 1999 fiscal year.
After booking a $1.3-million tax provision, the company’s earnings per share in the first quarter rose to 23 cents from 20 cents in the comparable quarter.
In addition to the Cherokee brand, the company also has acquired trademarks for Sideout, Sideout Sport and King of the Beach.
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