Cherokee Global Brands has recorded consolidated revenue, including the contribution from Hi-Tec, at $11.1 million for the first quarter of 2018 that ended on April 29, 2017.
On a year-over-year comparable basis, Cherokee Global Brands’ revenue, excluding Hi-Tec, were $5.2 million, a decrease of 51.4 per cent from $10.7 million in the prior year period.The year-over-year decline is largely due to the decrease in North America revenues related to the Cherokee brand as the company continues its transition to new wholesale licensees. During the quarter, some of the decrease was offset by global revenue increases, particularly in Europe, Asia and South Africa as the demand for Cherokee-branded products continues to grow.
GAAP selling, general and administrative expenses were $10.2 million, compared to $6.4 million in the prior-year period. The year-over-year increase was primarily due to the inclusion of operating costs for Hi-Tec of $3.6 million which includes accounting, legal, integration and restructuring costs incurred during the first quarter.