Cherokee (CHKE) announces that as of Oct 13, 2008, during the current fiscal qtr the co has repurchased a total of 99,561 shares of its common stock in the open market for a total purchase price of $1.98 mln. The repurchased shares represent approximately 1.1% of the co's 8,913,748 shares outstanding as of August 2, 2008, and were repurchased at an average price of $17.62/share
That average price is obviously not a weighted average. So if they liked the stock at around $20 they should love it here! I wouldn't mind them buying back the rest of the 690K shares remaining at these prices.
Its good they reaffirmed the dividend going forward. That should comfort nervous investors/potential investors.
the company said recent launches of the Cherokee brand in Brazil, India and Israel, the 2009 launch in Spain and the recent introduction of the Norma Kamali brand at Wal-Mart will all provide "meaningful revenue contributions" beginning next year.
The company said it bought the shares -- which represent about 1 percent of the company's total shares outstanding -- for an average price of $17.62 per share.