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True spring collection features new denim styling details
17
Jan '08
True Religion Apparel Inc reported preliminary net sales results for the fourth quarter and fiscal year ended December 31, 2007, and issued guidance for the fiscal year ending December 31, 2008.

The Company expects to report net sales for the 2007 fourth quarter of approximately $52.4 million, an increase of 75.9% from $29.8 million in the 2006 fourth quarter. For the year ended December 31, 2007, net sales will be approximately $173.0 million, which is above the previously issued net sales guidance of $167.0 million, and represents an increase of 24.4% over 2006 net sales of $139.0 million.

"Our record fourth quarter and year ended 2007 sales growth reflect the strength of our expanded product assortment and continued growth in our consumer direct business," said Jeffrey Lubell, chairman and chief executive officer of True Religion.

"We experienced widespread growth across all of our business segments driven by the strength of our Fall and Holiday 2007 collection. As a result, our US Wholesale business experienced year-over-year increases in net sales of 64% and 25% for the fourth quarter and second half of 2007, respectively."

Michael Buckley, president of True Religion, stated, "Our Consumer Direct business' net sales increased by 280% in the fourth quarter and by 485% in 2007 as we increased our store count from four to 15 in 2007. We are especially pleased with our branded retail store rollout, which allows us to showcase the breadth of our merchandise offering."

For fiscal 2008, True Religion expects net sales of approximately $210 to $215 million, representing an increase of approximately 21% to 24%, respectively, over preliminary 2007 annual net sales.

Earnings per diluted share is anticipated to be between $1.48 and $1.52 for the year. The Company's effective tax rate for the year is anticipated to be 42.0%.


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