US: Retail surge sends True Religion Q1 profit up 10%
- Q1 net profit up 10.1% to US$8.4m
- Sales up 22.4% to $77.9m
- Boosted by strong retail and ecommerce growth
True Religion Apparel posted first quarter net income of US$8.4m, up 10.1% on last year thanks to a strong retail performance.
Sales in the three months to 31 March surged up 22.4% to $77.9m, buoyed by a 68% hike in retail and ecommerce revenues to $38.8m, and an 18.7% rise in comparable store sales.
Wholesale revenues declined 16.5% to $24.2m, but the company pointed to a 26% drop in sales to the off-price channel, in line with its 2010 business plan.
Meanwhile, international sales were up 22.8% to $13.8m.
“We are continuing to gain greater control over our destiny and evolve into a global lifestyle brand,” said True Religion chairman, CEO and chief merchant Jeffrey Lubell.
“Also, we are encouraged by recent trends in our US wholesale business as we transition to our direct sales team.”
Lubell added that the company was on track to deliver “another year of strong results” in 2010.
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