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Aug 5, 2009
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True Religion Apparel second quarter results top Street

By
Reuters
Published
Aug 5, 2009

Aug 4 (Reuters) - Premium jeans brand True Religion Apparel Inc's (TRLG.O) quarterly profit beat market expectations as margins improved helped by a segment-mix shift towards its higher-margin consumer direct business, and raised the full-year outlook.

True Religion
True Religion Brand Jeans

"In the second quarter, we continued to build brand awareness through the expansion of our consumer direct platform," Chief Executive Jeffrey Lubell said in a statement.

For the second quarter, True Religion, which sells specially-styled denims and sportswear, earned $11.0 million, or 45 cents a share, compared with $9.3 million, or 39 cents a share, last year.

Revenue rose 12.4 percent to $72.1 million.

Analysts on average were expecting earnings of 39 cents a share, before items, on revenue of $71.4 million, according to Reuters Estimates.

Net sales for the Company's consumer direct segment, which includes its branded retail stores and e-commerce site, increased 59.8 percent to $28.2 million.

For fiscal 2009, the company now expects to earn $1.76 to $1.84 a share, up from its prior view of $1.73 to $1.81 a share. It also raised the revenue outlook by $3 million to $293 to $300 million.

Shares of the Vernon, California-based company rose 2 percent to $22.95 in trading after the bell. They closed at $22.50 Tuesday 4 August on Nasdaq.

(Reporting by Renju Jose in Bangalore; Editing by Pradeep Kurup)

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