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True Religion Q3 net sales go up 22.6%

09
Nov '06
True Religion Apparel Inc announced financial results for the third quarter ended September 30, 2006.

Net sales for the 2006 third quarter increased 22.6% to $42.9 million from $35.0 million in the 2005 third quarter, although were below the company's internal projections.During the quarter, the company's product mix at retail outside the U.S., which was heavily denim-based, negatively impacted sales due to exceptionally warm weather and, as much as the recovery has been solid, sales in Japan did not perform up to the company's original forecast.

Excluding unusual expenses in the quarter related to the balance of the Indigo Group arbitration settlement and legal and professional fees related to the company's ongoing engagement of Goldman Sachs, which together amounted to approximately $799,000 before income taxes, or $0.02 per diluted share, adjusted net income grew 13% to $8.7 million, or $0.37 per diluted share.

This compares with net income of $7.7 million, or $0.33 per diluted share for the third quarter of 2005. Giving effect to these expenses, reported net income for the 2006 third quarter grew 6% to $8.2 million, or $0.35 per diluted share.

Gross profit in the third quarter increased to $22.4 million from $18.4 million in the third quarter of 2005. Third quarter 2006 gross margins stood steady at 52.2% compared with 52.7%, in the same period last year.

Selling, general and administrative expenses in the quarter increased to $8.8 million from $5.8 million in the 2005 third quarter, primarily reflecting ongoing infrastructure enhancements including personnel, facilities, warehousing, replenishment systems, marketing initiatives and retail build-out.


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