Cherokee Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended of July 29, 2017; Provides Earnings Guidance for the Full Year of 2018
For the six months, the company reported total revenues of $25,070,000 compared to $19,151,000 a year ago. Operating loss was $3,051,000 compared to operating income of $6,807,000 a year ago. Loss before income taxes was $6,330,000 compared to income before income taxes of $6,523,000 a year ago. Net loss was $7,884,000 compared to net income of $4,099,000 a year ago. Basic and diluted net loss per share was $0.61 compared to earnings per share of $0.47 a year ago. Non-GAAP Operating income was $899,000 compared to $8,173,000 a year ago. Non-GAAP Net loss was $1,482,000 compared to net income of $4,957,000 a year ago. Non-GAAP Diluted loss per share was $0.11 compared to earnings per share of $0.56 a year ago. LBITDA was $2,096,000 compared to EBITDA of $7,517,000 a year ago. Adjusted EBITDA was $1,854,000 compared to $8,883,000 a year ago.
The Company expects gross profit for the full fiscal year to be in the range of $39.0 million to $41.0 million, which is inclusive of royalty revenues from the Hi-Tec brand portfolio of approximately $12.0 million and gross profit generated from indirect product sales of approximately $7.0 million. Adjusted EBITDA for the full fiscal year is anticipated to be in the range of $10.0 million to $12.0 million.