Cherokee Inc. on Friday said its fiscal first quarter net income fell more than 23 percent due to higher expenses and lower royalty revenue.

The Van Nuys licensing company, whose apparel and shoe brands include Cherokee, Sideout, and Carole Little, reported net income of $2.9 million (33 cents per share) for quarter ended May 1, compared with $3.8 million (43 cents) a year ago.

Royalty revenue fell nearly 8 percent to $8.2 million, but the company gave no reason for the decline. Operating expenses rose more than 9 percent to $3.4 million. The company had, with cash and cash equivalents of $7.4 million and trade receivables of $7.7 million

“We finished the quarter in another strong cash position … and no debt,” said Chief Financial Officer Russell J. Riopelle in a statement. “We will continue to implement and execute strategies designed to maximize value for our shareholders.”

Shares closed down $1.06, or 5.4 percent, to $18.49 on the Nasdaq.