Shares in Cherokee Inc. continued to edge down early Thursday after losing 2.4 percent Wednesday when the company reported that its fourth quarter profit and sales dropped about 80 percent each.

For the quarter ended Feb. 2, net income dropped 86 percent to $2.8 million (31 cents per share) from $20.7 million ($2.33) from the same period a year earlier. Revenue plunged 79 percent to $8.7 million.

The company said last year’s results were helped by a one-time gain of $33 million from the company’s sale of some of its rights to the Mossimo brand to Target Corp.

For the year, profit dropped 53 percent to $16.4 million ($1.84 per share), while revenue for the Van Nuys company dropped 46 percent to $41.6 million.

Shares in Cherokee were down another 1.1 percent to $29.79 in early trading Thursday.