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

29 Jul '05

4 min read

The customers continued to be drawn to the high end of their product offering which carry higher average selling prices. As demand for their brand continues to build among their U.S. customer store base, they expect to increase their product penetration in these store locations.

Mr. Lubell continued, "They are encouraged by the growing awareness and appeal of their brand in many of their international markets. They are working diligently to become a leading denim brand in Europe and are seeing good growth in many of these markets."

"In Asia, they continue to see demand for their product in Japan and hope to further develop their brand in key markets such as China and Korea that have a strong affinity for upscale U.S. fashion brands. They expect the results in their international business to accelerate in the second half of the year."

As of the end of the fiscal 2005 second quarter, the Company reported a backlog of $40.0 million, its highest backlog to date.

Fiscal 2005 Operating Forecast
For the 2005 fiscal year, the Company anticipates total sales of $92 to $95 million and diluted earnings per share of $0.74 to $0.77. This compares to prior guidance of revenues between $84 to $88 million and diluted earnings per share of $0.66 to $0.70. For the 2005 fiscal third quarter, the Company currently anticipates sales of $29 to $30 million and diluted earnings per share of $0.22 to 0.24. The Company's weighted average shares outstandingat the end of the second quarter was 23,062,500 shares.

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