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Wednesday, Aug 17, 2022

True Religion Posts Big Gains in Q4

True Religion Apparel Inc. said late Tuesday that its fourth-quarter profit more than doubled thanks to a boost in sales.

True Religion reported net income of $8.9 million (37 cents per share), compared to $4.1 million (18 cents) in the same period a year earlier.

Excluding an income tax charge and other costs, the company said it earned 40 cents per share.

Analysts polled by Thomson Financial said they expected profit of 39 cents per share ad predictions normally do not account for one-time charges.

Sales for the Vernon-based high-end denim retailer climbed 74 percent to $52.7 million, boosted by a 62 percent jump in its U.S. wholesale division along with a three-fold jump in retail and e-commerce sales. The company’s international wholesale business sales also rose 21 percent.

For the year, net income was up 28 percent to $27.9 million ($1.16 per share), while sales jumped 23 percent to $173 million.

The company’s fourth quarter earnings were delayed due to restatements in its 2006 financials because of errors in calculations for its income tax and stock-based compensation expenses. True Religion plans to report its first-quarter earnings May 8.

Shares in True Religion were up 3.6 percent to $18.27 in afternoon trading Wednesday.


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