True Religion Apparel Misses Estimates, Shares Fall 7.3% (TRLG)

True Religion Apparel, Inc.

announced after the market closed on Wednesday that it missed consensus Wall Street estimates. True Religion Apparel, Inc reported that its 3rd quarter net income fell to $11.8 million, or 48 cents per share, down from $14.1 million, or 58 cents per share, a year earlier. Revenue rose to $92.75 million, up from $82.42 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 58 cents per share, on revenue of $94.04 million. Chairman, chief executive officer and chief merchant Jeffrey Lubell said, “Third quarter results were a reflection of the changing mix of our business model. U.S. Consumer Direct, our largest segment, performed very well, generating a 9% same-store sales increase which was an acceleration from the second quarter increase. Sales in our U.S. Wholesale segment declined, driven by our strategic reduction of sales to the off-price channel and the ongoing weakness of the women's premium denim category in the Major department stores. We remain focused on working with our Major department store accounts to reinvigorate this category. In addition, we are very pleased with our second consecutive quarter of growth in the Specialty channel, the preferred channel of denim tastemakers.” The company forecast full year earnings in the range of $1.73 to $1.78 per share. True Religion Apparel, Inc. (

) closed Wednesday trading at $20.13 per share, then fell 7.3% to $18.66 during after hours trading. Analysts covering the company's stock give it a consensus price target of 34.25 per share. Read more