• Q3 net income decreased 16% to $11.8m
  • Net sales increased 12.5% to $92.8m
  • Same-store sales up 9%

US denim firm True Religion posted lower third quarter profits after wholesale revenues fell.

Jeffrey Lubell, chairman, CEO and chief merchant of True Religion Apparel, said: "Third quarter results were a reflection of the changing mix of our business model. US Consumer Direct, our largest segment, performed very well, generating a 9% same-store sales increase which was an acceleration from the second quarter increase.

"Sales in our US Wholesale segment declined, driven by our strategic reduction of sales to the off-price channel and the ongoing weakness of the women's premium denim category in the Major department stores. We remain focused on working with our Major department store accounts to reinvigorate this category. In addition, we are very pleased with our second consecutive quarter of growth in the Specialty channel, the preferred channel of denim tastemakers."

For the fiscal year ended 31 December, net sales are expected to be in the range of $355m to $360m.

Click here to read the company's full financial statement.