True Religion Apparel Inc. said Tuesday that its first quarter net income rose 10 percent as the premium denim maker's consumer-direct and international businesses grew despite weakness in the retail industry.
After the markets closed, the Vernon company reported net income of $7.6 million (32 cents a share), compared with $6.9 million (29 cents) a year ago. Net sales rose 19 percent to $63.6 million.
Consumer direct sales, which include the company's e-commerce site and its growing chain of branded retail stores, jumped 96 percent to $23.1 million. International sales rose 26 percent to $11.2 million. But the company's wholesale sales to other retailers fell 11 percent to $28.9 million.
Analysts surveyed by Reuters Estimates expected the company to earn 29 cents a share on revenue of $59.2 million.
"Despite the challenging economic environment, we remained committed to our strategy of continually delivering innovative jeans, sportswear and licensed products," said Chief Executive Jeffrey Lubell in a statement.
True Religion shares closed up 27 cents, or 2 percent, to $17.80 and rose another 7 percent in after-hours trading on the Nasdaq.
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