Cherokee Global Brands announced unaudited consolidated earnings results for the first quarter ended May 5, 2018. For the quarter, the company reported revenues of $5,402,000 against $6,817,000 a year ago. Operating loss was $162,000 against $2,286,000 a year ago. Loss from continuing operations before income taxes was $1,903,000 against $3,989,000 a year ago. Net loss from continuing operations was $2,741,000 compared to $3,542,000 a year ago. Net loss was $2,741,000 against $3,259,000 a year ago. Basic and diluted loss per share from continuing operations was $0.20 against income of $0.27 a year ago. Basic and diluted loss per share was $0.20 against income of $0.25 a year ago. Adjusted EBITDA was $1,046,000 against $869,000 a year ago. Non-GAAP net loss from continuing operations was $2,741,000 against $3,542,000 a year ago.

The company provided earnings guidance for the year ending February 2, 2019. The company is updating its guidance for the fiscal year ending February 2, 2019, to account for cost reduction efforts, the sale of Flip Flop Shops and the corresponding loss of revenues. Revenues are anticipated to be in the range of $25.0 to $27.0 million. Adjusted EBITDA is expected to remain in the range of $8.0 to $10.0 million.