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Cherokee fiscal Q3 profit falls 21.0% YOY

Cherokee Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 was 20 cents per share, compared with the S&P Capital IQ consensus estimate of 22 cents per share.

EPS declined 23.9% year over year from 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.8 million, a decrease of 21.0% from $2.3 million in the third quarter ended Nov. 1, 2014.

The normalized profit margin dropped to 18.1% from 25.9% in the year-earlier period.

Total revenue fell 7.0% year over year to $8.1 million from $8.7 million, and total operating expenses increased on an annual basis to $5.1 million from $4.9 million.

Reported net income fell 34.6% from the prior-year period to $1.5 million, or 17 cents per share, from $2.3 million, or 27 cents per share.