Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Fashion / True Religion posts higher profit in first quarter
True Religion posts higher profit in first quarter
09
May '08
True Religion Apparel Inc announced financial results for the first quarter ended March 31, 2008.

• Net sales for the 2008 first quarter were $53.4 million, an increase of 47.4% from $36.2 million in the 2007 first quarter. Net sales in the Company's U.S. wholesale segment increased 29.5% to $32.5 million from $25.1 million in the prior year. The Company's international wholesale business increased 28.5% to $8.9 million from $6.9 million in the 2007 first quarter. Net sales for the consumer direct segment, which includes the Company's branded retail stores and e-commerce site, increased 190.3% to $11.8 million from $4.1 million in the prior year.

• Gross profit in the 2008 first quarter was $30.5 million, or 57.1% of net sales, compared to $20.4 million, or 56.3% of net sales, in the first quarter of 2007. The improvement in gross margin reflects the ongoing segment mix shift towards the Company's higher margin consumer direct business.

• Selling, general and administrative (SG&A) expenses for the 2008 first quarter increased 65.8% to $19.1 million from $11.5 million in the 2007 first quarter. SG&A expenses for the first quarter of 2008 included $3.0 million of incremental operating costs for the expansion of the company's consumer direct business, $2.0 million of additional restricted stock compensation, $1.0 million in incremental marketing expense related to the Company's 2008 marketing campaign and $0.4 million in incremental professional fees related to the 2006 and 2007 financial report restatement. The Company's first quarter 2007 SG&A expenses included $1.2 million of severance and recruiting costs related to the replacements of two former executives.

• Operating income for the 2008 first quarter increased 27.9% to $11.4 million, or 21.2% of net sales, compared to $8.9 million, or 24.5% of net sales in the 2007 first quarter.

• True Religion's effective tax rate for the first quarter of 2008 was 41.0%.


Must ReadView All

SABIC signs MoU with PRC province for petrochem complex

Textiles | On 26th Sep 2018

SABIC signs MoU with PRC province for petrochem complex

The Saudi Basic Industries Corporation (SABIC) recently announced the ...

New Pakistani federation to fight for workers' rights

Textiles | On 26th Sep 2018

New Pakistani federation to fight for workers' rights

The various unions in Pakistan’s textile and garment industry...

Courtesy: Pexels

Textiles | On 26th Sep 2018

Fitch raises growth forecast for India to 7.8% in 2018-19

Rating agency Fitch last week raised India’s growth forecast for...

Interviews View All

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Veronique Lee, Modavanti

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Sandip Bhojani, Manthan Patel,

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search