Cherokee Inc. (CHKE) Reports Second Quarter Financial Results
Cherokee Inc. reported a decline in sales and net income on a year over year basis in the second quarter of 2010, which ended 7/31/2010. Cherokee Inc. had royalty sales of $7.5 million in the second quarter of 2010, compared to sales of $8.1 million in the same quarter of 2009. Cherokee Inc. reported net income of $2.5 million, or $0.28 per diluted share, compared to net income of $2.9 million, or $0.32 per diluted share, in the corresponding quarter of 2009. The management of Cherokee Inc. said the decline in royalty sales was due to unfavorable exchange rates and…