True Religion 3Q profit falls, misses Street view
The Associated PressJeans maker True Religion Apparel Inc. said Tuesday profit fell in the third quarter even as sales rose, in part because year-earlier results were boosted by tax gains.
The results missed analyst expectations and the shares dropped in aftermarket trading.
True Religion also raised its 2009 profit guidance to a range of $1.82 to $1.86 per share, up from an earlier estimate of $1.76 to $1.84 per share.
The company, based in Vernon, Calif., said third-quarter profit fell 9 percent to $14.1 million, or 58 cents per share, from $15.4 million, or 64 cents per share. Analysts surveyed by Thomson Reuters had expected 59 cents per share in the quarter that ended Sept. 30.
Revenue fell 4 percent to $82.4 million from $79.4 million. Analysts had expected $85 million in revenue.
Its shares fell $2.91, or 11 percent, to $23.65 in after-hours trading after closing Tuesday at $26.56, up 3 percent from a day earlier.