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True Religion Apparel Q1 profit rises
12 May '09
4 min read
Balance Sheet and Liquidity
As of March 31, 2009, the Company had $76.5 million of cash and cash equivalents and no long-term borrowings. Inventory increased to $28.1 million, or $2.3 million, from the beginning of 2009, to support the expansion of the Company's branded retail stores. Net cash provided by operating activities during the first quarter of 2009 was $23.0 million compared to $19.4 million in the prior year period.
Store Openings
During the 2009 first quarter, True Religion opened seven new stores, bringing its total store count at March 31, 2009, to 49 stores, compared to 18 stores at March 31, 2008. In April 2009, the Company opened two new stores, bringing the total store count to 51 stores. The Company continues to anticipate opening 16 additional new stores by year-end 2009 for a total of 67 branded retail stores.
Guidance:
The Company is reiterating its guidance for the fiscal year ended December 31, 2009, as follows:
• Net sales are expected to be in the range of $290 million to $297 million
• EPS is expected to be in the range of $1.73 to $1.81.
The Company's 2009 EPS guidance reflects fully diluted weighted average shares outstanding of approximately 24.6 million and an effective tax rate of 38.5%.
As of March 31, 2009, the Company had $76.5 million of cash and cash equivalents and no long-term borrowings. Inventory increased to $28.1 million, or $2.3 million, from the beginning of 2009, to support the expansion of the Company's branded retail stores. Net cash provided by operating activities during the first quarter of 2009 was $23.0 million compared to $19.4 million in the prior year period.
Store Openings
During the 2009 first quarter, True Religion opened seven new stores, bringing its total store count at March 31, 2009, to 49 stores, compared to 18 stores at March 31, 2008. In April 2009, the Company opened two new stores, bringing the total store count to 51 stores. The Company continues to anticipate opening 16 additional new stores by year-end 2009 for a total of 67 branded retail stores.
Guidance:
The Company is reiterating its guidance for the fiscal year ended December 31, 2009, as follows:
• Net sales are expected to be in the range of $290 million to $297 million
• EPS is expected to be in the range of $1.73 to $1.81.
The Company's 2009 EPS guidance reflects fully diluted weighted average shares outstanding of approximately 24.6 million and an effective tax rate of 38.5%.
True Religion Apparel Inc
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Ashish Saraf
Technocraft Industries (I) Ltd
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