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Denim Co True Religion achieves $10.9mn in Q2 gross profit

Jul '05
A premium denim company True Religion Apparel Inc reports fiscal second quarter financial results.

- Reports 2Q05 Sales of $22.0 Million

- Reports 2Q05 Diluted EPS of $0.18

- Raises Sales and Earnings Guidance for Fiscal 2005

- Issues Preliminary Guidance for Fiscal 2006

True Religion Apparel Inc announced results for the second quarter of fiscal 2005.

For the three month period ended June 30, 2005, net sales increased to $22.0 million compared to $20.1 million in the fiscal first quarter and $4.1 million in the second quarter of the prior year.

Net income increased to $4.2 million, or $0.18 per diluted share compared to the year-ago level of $470,000, or $0.02 per diluted share. The Company's results compare favorably to its original second quarter guidance of $0.16 to $0.17 per share on $20 to $22 million of revenue.

Gross profit in the second quarter increased to $10.9 million compared to $1.9 million in the second quarter last year. Second quarter gross margins were 49.7 percent compared to the year ago second quarter level of 46.3 percent. Operating income increased to $6.7 million, or 30.3 percent of sales, compared to $800,000, or 19.7 percent of sales for the same period last year.

"They continued to make excellent progress in the second quarter," commented Jeff Lubell, President and CEO. "Our increased sales results were a result of strong sell-throughsfa of both denim and non-denimproducts among U.S.-based department store and specialty store customers.

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