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August 08, 2007
True Religion Reports Increased Sales, Lower Profits
True Religion saw a sales increase of 16.3 percent in the second quarter of the year, indicating continued demand for premium denim. However, costs took a significant bite out of the Vernon, Calif. company’s profits, which rose just 3.7 percent to $5.1 million.
Administrative and sales costs ate up most of its earnings. The company spent a significant amount of money improving its retail stores and hiring Goldman Sachs to investigate a possible sale of the business.
Meanwhile, international sales plummeted 39.7 percent, partially due to weak demand in Japan and the U.K. The company said it was also hurt by an earlier start on fall shipments.
Posted by Blacks on August 8, 2007 09:21 AM
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