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True Religion drove record breaking results in Q1
04 May '06
3 min read
"Fleece also continues to be a very strong category for us, with over $3 million in sales during the first quarter. We continue to introduce new products and materials to our broadened fashion assortment and are very encouraged by the customer response."
Gross profit in the first quarter increased to $18.8 million compared to $10.2 million in the first quarter last year. First quarter gross margins increased 190 basis points to 52.7% compared to the year ago first quarter level of 50.8%. Operating income increased to $10.6 million, or 29.6% of sales, compared to $6.5 million, or 32.4% of sales for the same period last year.
The change in operating income as a percent of sales was due to the leverage associated with the increase in sales volume offset by $1.2 million in restricted stock expense, $700,000 in legal fees and $113,000 in retail store expense that was not recorded in the prior year.
Fiscal 2006 Operating Forecast
For the 2006 fiscal second quarter, the Company anticipates sales to be in the range of $26 to $27 million and diluted earnings per share of $0.21 to $0.22.
For the 2006 fiscal year, the Company reiterates comfort of total sales in the range of $148 to $150 million and diluted earnings per share of approximately $1.25.
The Company will hold a conference call with senior management to discuss the financial results at 4:30 p.m. ET today.
True Religion Brand Jeans can be found in the United States at Barneys, Neiman Marcus, Nordstrom, Saks Fifth Avenue, Ron Herman, Henri Bendel, Bergdorf Goodman, Bloomingdales and greater than 700 fashion boutique clothing stores throughout the United States.
True Religion Brand Jeans can also be found at fine stores in Japan, such as Isetan and Barneys; in England, at Selfridges, Harrod's and Harvey Nichols; in France, at L'Eclaireur, Bon Marche and Galleries Lafayette; in Italy, at Luisa Via Roma, Gio Morretti and Biifi.
Gross profit in the first quarter increased to $18.8 million compared to $10.2 million in the first quarter last year. First quarter gross margins increased 190 basis points to 52.7% compared to the year ago first quarter level of 50.8%. Operating income increased to $10.6 million, or 29.6% of sales, compared to $6.5 million, or 32.4% of sales for the same period last year.
The change in operating income as a percent of sales was due to the leverage associated with the increase in sales volume offset by $1.2 million in restricted stock expense, $700,000 in legal fees and $113,000 in retail store expense that was not recorded in the prior year.
Fiscal 2006 Operating Forecast
For the 2006 fiscal second quarter, the Company anticipates sales to be in the range of $26 to $27 million and diluted earnings per share of $0.21 to $0.22.
For the 2006 fiscal year, the Company reiterates comfort of total sales in the range of $148 to $150 million and diluted earnings per share of approximately $1.25.
The Company will hold a conference call with senior management to discuss the financial results at 4:30 p.m. ET today.
True Religion Brand Jeans can be found in the United States at Barneys, Neiman Marcus, Nordstrom, Saks Fifth Avenue, Ron Herman, Henri Bendel, Bergdorf Goodman, Bloomingdales and greater than 700 fashion boutique clothing stores throughout the United States.
True Religion Brand Jeans can also be found at fine stores in Japan, such as Isetan and Barneys; in England, at Selfridges, Harrod's and Harvey Nichols; in France, at L'Eclaireur, Bon Marche and Galleries Lafayette; in Italy, at Luisa Via Roma, Gio Morretti and Biifi.
True Religion Apparel Inc
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