US-based Cherokee Global Brands has announced financial results for the third quarter and nine months ended October 28, 2017.
During the reporting quarter, the company’s GAAP revenue was US $ 11 million while for the nine-month period it stood at US $ 36.1 million.
GAAP operating loss for the third quarter remained US $ 1.7 million compared to US $ 1.2 million in the same period last year. GAAP operating loss for the nine-month period totalled US $ 4.7 million as against US $ 5.6 million last year.
The brand reported a GAAP net loss of US $ 2.5 million during the quarter under review and US $ 10.4 million for the nine-month period. It now expects gross profit to remain around US $ 36-38 million during 2018 fiscal.
“We’re pleased to share meaningful progress across key business and financial objectives,” commented Henry Stupp, Chief Executive Officer of Cherokee Global Brands while sharing that the company has inked new license agreements to expand its reach in new markets and segments. It also announced a pan European license deal of the Cherokee label in over 15,000 locations and 29 countries beginning early Fall 2018.
At present, Cherokee Global Brands upholds license and franchise contracts with various fashion and lifestyle retailers and manufacturers in over 100 nations at 12,000 (approx.) locations and digital space. It manages brands like Carole Little, Liz Lange, Everyday California, Sideout, among others.
