• Q4 net profit up 15% to US$14.6m
  • Q4 net sales up 27% to $92.8m
  • Targets double-digit sales growth in FY10

Luxury denim-focused True Religion Apparel is targeting continued double-digit sales growth after posting a 15% rise in fourth quarter net profit to US$14.6m.

The US company’s sales in the last three months of 2009 were up 27% to $92.8m, boosted by its continued focus on direct retail and online sales over wholesale accounts.

Retail and online sales were up 85% to $45.1m, while comparable store sales rose 22%.

Meanwhile, US wholesale revenues dipped 13% to $31.6m, while international revenues were up 24% to $14.6m.

For the full year, True Religion’s net profit was up 7% to $47.3m, thanks to a net sales increase of 15% to $311m.

Retail and online sales rose 71% to $129m, US wholesale revenues fell 20% to $123.2m and international revenues were up 36% to $54.5m.

Chairman, CEO and chief merchant Jeffrey Lubell said of the results: “The introduction of new jeans and related sportswear and licensed merchandise was both the foundation and catalyst for another year of record sales and profitability for True Religion.

“The growth of our US consumer direct platform, as well as the ongoing development of the True Religion brand in international markets, provided incremental sales and earnings over the past year, and should continue to offer our company future growth opportunities.”