Q3 10 net sales increased 12.5% to a record $92.8 million
Q3 10 U.S. Consumer Direct sales increased 42%, including a 9% comp increase
Q3 10 earnings per share were $0.48 versus $0.58 in Q3 09
VERNON, Calif.--(BUSINESS WIRE)-- True Religion Apparel, Inc. (Nasdaq: TRLG) today announced financial results for the three and nine months ended September 30, 2010.
Third Quarter 2010 Financial Results
Total net sales increased 12.5% to $92.8 million.
Net sales for the Company s U.S. Consumer Direct segment, which includes the Company s branded retail stores and e-commerce site, increased 42.0% to $46.3 million and accounted for 49.9% of the Company s total net sales for the quarter. Third quarter same-store sales for the 63 stores open at least 12 months increased 9.0%. The Company operated 89 branded stores as of September 30, 2010, compared to 66 as of September 30, 2009.
Net sales for the Company s U.S. Wholesale segment totaled $26.9 million, a 15.6% decrease as compared to the prior year period. This segment s sales have been impacted by the overall slowdown in sales of women s premium denim in the major department store channel. Consistent with the Company s strategy to maintain its premium position, sales to the off-price channel were also decreased in the quarter. The specialty channel increased sales for the second consecutive quarter as the Company s product continued to resonate with the denim tastemakers that shop in this channel.
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