Cherokee Group Profit Jumps 70% for Quarter

Cherokee Group reported a 70% gain in fiscal third-quarter profit compared with a year earlier, with sales climbing 33%.

The North Hollywood-based apparel concern said net income for the quarter ended Aug. 29 jumped to $3 million, or 22 cents a share, from $1.7 million, or 16 cents a share, a year ago. Sales rose to $35.7 million from $26.8 million.

For the first nine months of Cherokee’s fiscal year, the company’s earnings rose to $8.1 million, or 66 cents a share, from $5.2 million, or 46 cents a share, a year earlier.

The per-share results were adjusted to reflect 2-for-1 stock splits in April, 1986, and February, 1987. Nine-month sales increased 34% to $106.5 million from $79.4 million.