US: True Religion Q2 profit down, sales up
- Q2 sales up 14% to US$82.2m
- Net income down 31.4% to $7.5m
- CEO happy with top-line growth
Jeans-led apparel company True Religion’s second quarter profit dropped by nearly one-third, despite a double-digit sales rise led by a surge in its own retail and e-commerce revenues.
US wholesale revenues fell back 16.7%, but international sales rose 14.1%, the US company said.
“We continued the positive sales momentum of the beginning of the year into the second quarter,” said Jeffrey Lubell, chairman, CEO and chief merchant.
“And our overall top-line growth reflects the strength of our global lifestyle brand both domestically and internationally.”
US denim firm True Religion posted lower third quarter profits after wholesale revenues fell. ...
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