Cherokee Inc. (NASDAQ:CHKE), a global brand management company, announced today that its Board of Directors approved the distribution of a quarterly dividend of $0.20 per common share to stockholders of record as of June 1, 2012. The dividend will be payable on or about June 15, 2012.
The payment of any future dividends will be at the discretion of Cherokee's Board of Directors and will be dependent upon Cherokee's financial condition, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by Cherokee's Board of Directors. Cherokee has paid dividends to its stockholders on a consecutive quarterly basis since December 2003. Since 1996, the Company has paid approximately $220.9 million in dividends and distributions to its stockholders.
“We have made numerous strides over the past year and are highly encouraged by our recent achievements,” said Henry Stupp, Cherokee Chief Executive Officer. “In the U.S., our relationship with Target saw strong growth in the first few months of the year. Globally, we expanded across numerous countries bringing the Sideout Brand to Mexico and launching our namesake Cherokee Brand in Japan and Russia, while forging a renewed, strengthened relationship with Tesco. As we continue to grow and develop each of our brands, we will execute according to our strategic plan and remain focused throughout the process on maximizing shareholder value.”
About Cherokee Inc.
Cherokee Inc. is a global marketer and manager of a portfolio of Fashion and Lifestyle brands it owns and represents in multiple consumer product categories and sectors around the world. The Company has license agreements with premier retailers and manufacturers covering over 30 countries around the world including Target Stores (U.S.), Tesco (U.K., Ireland and certain Central European countries), Zellers (Canada), RT-Mart (Peoples Republic of China), Pick ‘n Pay (South Africa), Falabella (Chile, Peru and Colombia), Arvind Mills (India and certain Middle Eastern countries), Shufersal LTD. (Israel), Comercial Mexicana (Mexico), Eroski (Spain), Nishimatsuya (Japan), Magnit (Russia) and the TJX Companies (U.S., Canada and Europe).