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 September 1, 2012. The dividend will be payable on or about September 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. Since 1996, the Company has paid approximately $222.6 million in dividends and distributions to its stockholders.
“With the first-half of fiscal 2013 nearly complete, we have seen strong domestic and global progress with the expansion of the Cherokee brand,” said Henry Stupp, Cherokee Chief Executive Officer. “As we move forward, we are encouraged by our strong sales at Target in the U.S. and a renewed and strengthened relationship with Tesco in the U.K. We have also welcomed new retail partners into our family as evidenced by the expansion of the Cherokee brand throughout Russia, Japan, and the recent signing with The Landmark Group’s Max Stores for the Middle East and Africa. As we continue to grow and cultivate each of our brands and retail partners, we will remain focused on executing our strategic plan to ensure that we consistently maximize 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 40 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), Landmark Group’s Max Stores (certain Middle East and North Africa countries), and the TJX Companies (U.S., Canada and Europe).