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True Religion drove record breaking results in Q1

May '06
True Religion Apparel Inc:

-- 1Q06 Revenues Increase 77% to $35.6 Million

-- 1Q06 Diluted EPS Increase 65% to $0.28

-- Issues Sales and Earnings Guidance for 2Q06

-- Reiterates Comfort with FY06 Financial Estimates

True Religion Apparel Inc announced results for the first quarter of fiscal 2006.

For the three month period ended March 31, 2006, net sales increased 77% to $35.6 million compared to $20.1 million in the fiscal first quarter of the prior year. Net income increased 69% to $6.5 million, or $0.28 per diluted share compared to the year-ago level of $3.8 million, or $0.17 per diluted share.

Jeff Lubell, Chief Executive Officer commented, "Growth in the U.S., both in department stores and specialty stores, drove record breaking results this quarter. We have gained floor space and increased market share even as our customers have scaled down the number of brands they offer in the premium denim category. Not only has the strength of our brand allowed us to maintain pricing in a highly competitive environment, but we are increasingly capable of broadening our business into new categories."

Mr. Lubell continued, "We are making excellent strides transforming from a denim brand to a casual fashion brand. Great product is the strength of our brand and we are encouraged by the broad-based strength of our product mix. On the denim side, we continue to focus on cleaner washes and more straight leg styles."

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