Feb 24, 2010
True Religion fourth quarter tops view, sees weak 2010 profit
Feb 24, 2010
True Religion fall-winter campaign
Feb 24 (Reuters) - True Religion Apparel Inc (TRLG.O) reported quarterly results that comfortably beat market estimates, driven by strong direct-to-customer and international sales, but forecast a full-year 2010 profit range below expectations.
True Religion, whose namesake jeans cost as much as $300 in specialty boutiques and major department stores, projected earnings in the range of $2.00 to $2.10 on sales of about $360 million for the year.
Analysts were expecting a profit of $2.13 a share on revenue of $345.3 million, according to Thomson Reuters I/B/E/S.
For the fourth quarter, net income rose to $14.6 million, or 59 cents a share, from $12.7 million, or 53 cents a share, a year ago.
Revenue rose 27 percent to $92.8 million. Net sales for the consumer direct segment, which includes its branded retail stores and e-commerce site, nearly doubled to $45.1 million. International sales grew about 24 percent to $14.6 million.
Analysts on average were expecting the company to earn 55 cents a share on revenue of $84.5 million.
Shares of the Vernon, California-based company closed at $20.78 Wednesday 24 February on Nasdaq. (Reporting by Viraj Nair in Bangalore; Editing by Anil D'Silva)
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