Home / Knowledge / News / Apparel/Garments / Sales rise almost 14% at True Religion in Q1
Sales rise almost 14% at True Religion in Q1
02
May '12
True Religion Apparel Inc. announced financial results for the quarter ended March 31, 2012.

First Quarter 2012 Financial Results
• Total net sales increased 13.9% to $106.8 million.

• Net sales for the Company's U.S. Consumer Direct segment, which includes the Company's retail stores and e-commerce business, increased 22.6% to $65.5 million and accounted for 61.3% of the Company's total net sales for the quarter.

• First quarter same-store sales for the 90 stores open at least 12 full months and e-commerce increased 13.3%. The Company opened one store and closed one store, ending the first quarter with 109 retail stores in the United States, compared to 96 as of March 31, 2011.

• Net sales for the Company's U.S. Wholesale segment totaled $21.4 million, a 2.8% increase as compared to the prior year first quarter, primarily due to increased sales to the specialty store channel; this is the eighth consecutive quarter of increased sales to this channel, which is the largest sales channel in the U.S. Wholesale segment. This is the first year-over-year increase in this segment's net sales since the fourth quarter of 2008.

• Net sales for the International segment totaled $19.1 million, a 3.6% increase as compared to the prior year quarter. This growth was primarily driven by an increase in retail sales in the U.K. and Canada. The Company opened two international stores in the first quarter of 2012, ending with 18 international retail stores compared to eight as of March 31, 2011. These increases were partially offset by a decrease in wholesale sales in Germany and Korea.

• Gross profit increased 13.4% to $68.9 million, driven primarily by the overall sales growth. The gross margin rate decreased 30 basis points to 64.5%, primarily due to targeted competitive pricing on selected key styles.

• Selling, general and administrative (“SG&A”) expenses increased 12.6% to $51.7 million from $45.9 million in the prior year quarter. The majority of the growth in the SG&A expenses was driven by the costs associated with operating 13 additional U.S. stores and ten additional international stores in 2012 as compared to the same period in 2011. As a percentage of net sales, SG&A expenses decreased to 48.4% from 48.9% in the same quarter a year ago due to the leveraging of fixed costs from the 13.9% consolidated net sales increase.

• Operating income increased 16.0% to $17.2 million, as compared to the first quarter of last year. Operating margin was 16.1% in the first quarter of 2012 versus 15.8% in the first quarter of 2011. The increase in the operating margin is primarily due to the leveraging of Core Services SG&A expenses on the 13.9% increase in consolidated net sales.

• The effective tax rate for the quarter was 40.8% as compared to 38.8% in the first quarter of 2011. The 2012 effective tax rate increase over 2011 is linked to the assessment that the likelihood of utilizing certain international net operating loss carry forwards is no longer more likely than not.

• Net income attributable to True Religion Apparel, Inc. increased to $10.4 million, or $0.41 per diluted share based on weighted average shares outstanding of 25.4 million, as compared to $9.0 million, or $0.36 per diluted share based on weighted average shares outstanding of 25.1 million in 2011.

Click here to read more details:

True Religion Apparel Inc

Must ReadView All

Textiles | On 22nd Apr 2017

Strong rupee & weak trade to affect textile exporters

Textile and apparel exporters' earnings and EBITDA margins will be...

Textiles | On 22nd Apr 2017

Myntra acquires InLogg

With an aim to strengthen supply chain and logistics, Flipkart-owned...

Textiles | On 22nd Apr 2017

Aditya Birla Group launches new variant Liva Crème

After its successful launch of high quality fabric Liva in 2015,...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search