Cherokee Profits Rise 16% in Quarter; Sales Increase
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Cherokee Group reported its first-quarter profit rose 16% from a year earlier on a 15% sales gain.
In the quarter ended March 27, Cherokee earned $2.85 million, or 23 cents a share, up from $2.46 million, or 22 cents a share, a year earlier. Per-share profit didn’t rise as much as overall net income because Cherokee had 1.3 million more common shares outstanding than in the first quarter of 1987.
Cherokee’s sales rose to $42.7 million from $37 million.
The North Hollywood-based apparel and shoe manufacturer has said it would buy back up to 1 million shares of its common stock in periodic open-market purchases. Cherokee has 12.4 million total shares outstanding.
The company’s stock closed Monday at $9.125 down from last year’s high of $24.50 a share.
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