Record Q3 sales at True Religion
Denim and sportswear retailer True Religion Apparel, Inc. has reported a 12.8% sales increase for its third quarter ended September 30.
Sales for the quarter hit a company record at $48.7 million compared with $43.2 million in the 2006 quarter. Gross profit increased to $28 million from $22.7 million in the third quarter of 2006, driven primarily by growth in the consumer direct segment. Net income for the quarter was $8.9 million.
Chairman and chief executive officer, Jeffrey Lubell, said: “Our autumn and holiday collections, which include several new denim groups and an expanding sportswear offering, is being received with great enthusiasm.”
For the nine-month period ended September 30, net sales increased 9.5% to $120.5 million from $110.1 million in the same period last year. Net income for the first nine months was $18.4 million.
