Cherokee Group Shows 54% Jump in 2nd-Quarter Profit

Cherokee Group reported that its second-quarter profit jumped 54% from a year earlier as sales rose 33%.

Cherokee, a fast-growing apparel and shoe concern based in North Hollywood, said net income climbed to $2.6 million, or 22 cents a share, in the quarter ended May 30, from $1.7 million, or 15 cents a share, a year earlier. The per-share results reflect separate 2-for-1 stock splits Feb. 28 this year and April 30, 1986.

Sales increased from $25.3 million to $33.7 million.

For the first half of the fiscal year, Cherokee’s profit climbed to $5.1 million, or 44 cents a share, from $3.4 million, or 30 cents a share, a year earlier. Six-month sales rose to $52.6 million to $70.7 million.

In the latest quarter, Cherokee also opened two more retail outlets in Southern California, giving it 11 units overall, and it said six franchised stores would open on the East Coast in the next six months.