True Religion Apparel Inc.'s first-quarter results stepped past estimates thanks to brisk sales at its branded retail stores and international segments.
After the markets closed Tuesday, the Vernon premium denim maker and retailer reported net income of $8.4 million (34 cents a share), compared with $7.6 million (32 cents) a year ago.
Total sales rose 22 percent to $77.9 million, with sales at its retail segment soaring 68 percent to $38.8 million and international sales rising 23 percent to $13.8 million. The U.S. wholesale segment, which supplies upscale department stores, fell 16 percent to $24.2 million.
Analysts surveyed by Thomson Reuters on average expected per-share profit of 33 cents per share on revenue of $73.9 million.
“Our solid top line domestic and international growth underscores the strength of our brand and the continued success of our strategy,” Chief Executive Jeffrey Lubell said in a statement. “We are continuing to gain greater control over our destiny and evolve into a global lifestyle brand.”
Shares earlier closed down $2.07, or 6 percent, to $30.66 on the Nasdaq.
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