Line an eight-inch square pan with foil or wax paper. Spray the lining the nonstick spray and set aside.
Combine powdered sugar and milk in a large, heavy-bottomed saucepan over medium heat. Stirring constantly, add the butter and bring to a boil. Boil for five minutes without stirring, or until a candy thermometer registers 234° F.
Reduce heat to low and gradually add the chocolate, whisking until chocolate is fully melted and mixture is smooth. Stir in almond extract. Remove from heat and stir in cherries and almonds. Pour mixture into prepared pan.
Refrigerate for one hour. Lightly score fudge into one-inch portions before completely hardened. Refrigerate for two more hours or overnight until firm. Invert pan, peel away the lining, and cut into squares.
