True Religion Apparel Sees 1Q Profit
True Religion Apparel Inc., which makes designer denim, on Wednesday said first-quarter profit grew 69 percent, topping Wall Street's forecast, but offered second-quarter guidance below expectations.
Shares tumbled in aftermarket trading, giving up $1.86, or 9.8 percent, to $17.16 on the INET electronic exchange, after closing at $19.02 on the Nasdaq.
Quarterly profit was $6.5 million, 28 cents per share, compared with a profit of $3.8 million, or 17 cents per share during the same period last year. Sales climbed 77 percent to $35.6 million, from $20.1 million last year.
Analysts predicted a profit of 27 cents on sales of $35.4 million, according to a poll by Thomson Financial.
The company predicted a second-quarter profit of 21 cents to 22 cents per share on sales between $26 million and $27 million.
For the full year, the company reiterated guidance for a profit of $1.25 per share on revenue of $148 million to $150 million.
Analysts, on average, see a profit of 24 cents per share on revenue of $29.7 million for the second quarter, and a yearly profit of $1.25 per share on revenue of $149.8 million.
Posted by Constance Wherrity on May 10, 2006 12:15 AM
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