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True Religion Apparel posts 40% sales rise in Q2
04 Aug '06
3 min read
"Sales in the second quarter reflected continued strength in our US wholesale business with premium department stores and specialty retailers, as well as achieved targets in international markets, our retail store, and other initiatives," said Jeffrey Lubell, CEO of True Religion Apparel, Inc.
Gross profit in the second quarter increased to $16.4 million compared with $10.9 million in the second quarter of 2005. Second quarter 2006 gross margins were 53.2% compared with 49.7% in the comparable period last year.
For the six-month period ended June 30, 2006, net sales increased 57.5% to $66.3 million compared with $42.1 million in the same period last year. Excluding the arbitration settlement, net income rose 53% to $12.6 million, or $0.54 per diluted share. On a reported basis, net income was $11.4 million, equal to $0.49 per diluted share, versus $8.1 million, or $0.35 per diluted share in the first half of 2005.
Gross profit in the 2006 six-month period was $35.1 million compared with $21.1 million last year. Gross margins for the period were 52.9% compared with 50.2% in 2005.
Net income from operations for the first six months of 2006 was $20.4 million, equal to 30.7% of sales, versus $13.2 million, or 31.3% of sales, in the same period last year.
For the 2006 fiscal year, the company reiterated its prior guidance of total sales in the range of $148 to $150 million and diluted earnings per share of approx. $1.25, before giving effect to the one-time expense related to an interim arbitration settlement, equal to $0.05 per diluted share.
True Religion Apparel Inc is a growing, design-based lifestyle brand. It designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans.
Gross profit in the second quarter increased to $16.4 million compared with $10.9 million in the second quarter of 2005. Second quarter 2006 gross margins were 53.2% compared with 49.7% in the comparable period last year.
For the six-month period ended June 30, 2006, net sales increased 57.5% to $66.3 million compared with $42.1 million in the same period last year. Excluding the arbitration settlement, net income rose 53% to $12.6 million, or $0.54 per diluted share. On a reported basis, net income was $11.4 million, equal to $0.49 per diluted share, versus $8.1 million, or $0.35 per diluted share in the first half of 2005.
Gross profit in the 2006 six-month period was $35.1 million compared with $21.1 million last year. Gross margins for the period were 52.9% compared with 50.2% in 2005.
Net income from operations for the first six months of 2006 was $20.4 million, equal to 30.7% of sales, versus $13.2 million, or 31.3% of sales, in the same period last year.
For the 2006 fiscal year, the company reiterated its prior guidance of total sales in the range of $148 to $150 million and diluted earnings per share of approx. $1.25, before giving effect to the one-time expense related to an interim arbitration settlement, equal to $0.05 per diluted share.
True Religion Apparel Inc is a growing, design-based lifestyle brand. It designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans.
True Religion Apparel Inc
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