Shares of True Religion Apparel Inc. fell more than 9 percent Friday, even though the premium jeans maker beat Wall Street expectations for third-quarter profits and raised its full year outlook.
Vernon-based True Religion reported after Thursday's market close third-quarter earnings of $15.4 million (64 cents per share), compared with earnings of $8.8 million (37 cents) a year ago. Net sales jumped nearly 64 percent to $79.4 million on higher sales both domestically and overseas.
Analysts surveyed by Thomson Reuters expected on average a profit of 47 cents per share on sales of $65.8 million.
The company said it expects earnings per share of $1.78 this year, up from a previous range of $1.61 to $1.65. It said net sales are expected to be $265 million, up from its previous guidance of $242 million to $247 million. Analysts are expecting earnings of $1.65 per share on revenue of $247.8 million
True Religion's shares fell $1.50, or 9.5 percent, to $14.35 in Friday trading on the Nasdaq.
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