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True Religion Q3 net sales up 16.8% to $108.4 million
05 Nov '11
5 min read
• Operating income totaled $19.9 million, up 8.3% from the third quarter of last year. Operating margin was 18.4% in the third quarter of 2011 versus 19.8% in the third quarter of 2010. The decrease in the operating margin is primarily due to the net separation costs and the reduction in sales to off-price and major accounts, which were partially offset by improved operating margins in the U.S. Consumer Direct and International segments. The operating income excluding the net separation costs would have been $21.2 million or 19.5% of net sales.
• The effective tax rate for the quarter was 37.5% as compared to 36.1% in the third quarter of 2010. The 2011 effective tax rate increased over 2010 as the Company established its European headquarters in Switzerland.
• Net income attributable to True Religion Apparel, Inc. increased to $12.1 million, or $0.48 per diluted share based on weighted average shares outstanding of 25.0 million, as compared to $11.8 million, or $0.48 per diluted share based on weighted average shares outstanding of 24.8 million in the 2010 third quarter. Excluding the net separation costs, the adjusted net income attributable to True Religion Apparel, Inc. was $12.9 million, or $0.51 per diluted share for the third quarter of 2011.
Management Comments
"We are pleased that our net sales growth continued in the third quarter of this year. The U.S. Consumer Direct segment, which is our most direct link to consumers, increased its sales by 34% and its operating profit by 40%. And, our International operating profit increased 45% over last year, driven by the strategic investments we made in the past year to take more direct control of our business, especially in Germany, Canada and the U.K.," stated Jeffrey Lubell, Chairman, Chief Executive Officer and Chief Merchant of True Religion Apparel, Inc. "While our year-to-date financial results reflect many positive trends in our business, our team is committed to reaching even more consumers with our trend-setting jeans and sportswear."
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• The effective tax rate for the quarter was 37.5% as compared to 36.1% in the third quarter of 2010. The 2011 effective tax rate increased over 2010 as the Company established its European headquarters in Switzerland.
• Net income attributable to True Religion Apparel, Inc. increased to $12.1 million, or $0.48 per diluted share based on weighted average shares outstanding of 25.0 million, as compared to $11.8 million, or $0.48 per diluted share based on weighted average shares outstanding of 24.8 million in the 2010 third quarter. Excluding the net separation costs, the adjusted net income attributable to True Religion Apparel, Inc. was $12.9 million, or $0.51 per diluted share for the third quarter of 2011.
Management Comments
"We are pleased that our net sales growth continued in the third quarter of this year. The U.S. Consumer Direct segment, which is our most direct link to consumers, increased its sales by 34% and its operating profit by 40%. And, our International operating profit increased 45% over last year, driven by the strategic investments we made in the past year to take more direct control of our business, especially in Germany, Canada and the U.K.," stated Jeffrey Lubell, Chairman, Chief Executive Officer and Chief Merchant of True Religion Apparel, Inc. "While our year-to-date financial results reflect many positive trends in our business, our team is committed to reaching even more consumers with our trend-setting jeans and sportswear."
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True Religion Apparel Inc
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