US: True Religion net income falls 16%
- 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.
Help test our new apparel sourcing tool.
A shift in focus towards operating its own branded retail stores has helped upscale jeans seller True Religion Apparel Inc to an 8.2% rise in fourth quarter profit....
Upscale denim and jeans brand True Religion Apparel has appointed David Chiovetti as senior vice president (SVP) of North America Retail....
- Why collaboration is key to fashion supply chains
- Rana Plaza four years on – Timeline of change
- Industry groups reaffirm commitment to Bangladesh
- Trump and Brexit get a dose of pragmatism
- Using worker surveys to drive supply chain change
- Adidas to digitalise Speedfactory concept
- M&S extends sourcing deal with Lindsey brothers
- Nike filed patent for "reinforced denim"
- US Q1 in brief – Columbia Sportswear, Amazon
- Brandix rolls out Tukatech systems
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar