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Tjis is one to start accumlating going forward into the Christmas season. True Religion Sales Grow 50% and Profits Double in Second Quarter Monday August 16, 11:28 am ET LOS ANGELES--(BUSINESS WIRE)--Aug. 16, 2004--True Religion Apparel, Inc., (OTCBB:TRLG - News) is pleased to announce that its sales and profits continued to grow during the second quarter ending June 30, 2004. Sales rose 50% and net income before tax climbed 98% in the quarter ending June 30, 2004 over the quarter ending March 31, 2004. Sales for the six months ended June 30, 2004 were $6,757,000 versus $307,000 for the same six month period a year ago. NET INCOME SALES BEFORE TAX ----------- ---------- Quarter Ended June 30, 2004 $4,061,906 $799,606 Quarter Ended March 31, 2004 $2,694,809 $404,487 Quarter Ended December 31, 2003 $1,338,275 $156,122 Quarter ended September 30, 2003 $ 710,143 $ 3,750 Sales to U. S. customers grew by 33% to $1.9 million. During the quarter, True Religion continued its sales to its major department store customers in the U.S.A. and is selling in 22 Nieman Marcus stores, currently the Company's largest U.S. customer, approximately 15 Saks Fifth Avenue stores, Nordstroms, Bloomingdales and Barney's New York. The Company also made reorder shipments to more than 150 of its specialty store customers. True Religion employs exclusive distributors outside the United States. Unifa (United Fashion Agency), the company's distributor in Germany, Switzerland and Holland shipped $390,000 for the second quarter, shipped 3,000 pairs in July and currently has open orders for over $550,000 to be shipped in the next 60 days. Jameric, the Company's Japanese distributor, grew this quarter by 50% to $1,286,000 over the quarter ending March 31, 2004 and has open orders totaling $1.8 million. A.N.V. Clothing, the Company's newly-appointed Canadian distributor, shipped $175,000 worth of True Religion Brand Jeans in the second quarter. Sales in the United Kingdom amounted to $202,000, up 21% this quarter over the first quarter ending March 31st, and continue to be strong with orders from Selfridges, Harvey Nichols, Harrods and over 50 specialty store customers. True Religion is in the process of appointing several new distributors in other countries where True Religion Jeans are currently not sold. True Religion continues to have an outstanding order backlog for approximately $6,700,000 of True Religion Brand Jeans for shipment within the next 60-90 days. "True Religion Brand Jeans are now sold in many of the best stores in the major cities around the world. Our goal is to continue the Company's growth by broadening our distribution both in the United States and abroad into the many places where True Religion Brand Jeans have yet to be discovered," said president Jeffrey Lubell. True Religion Apparel's offices are located at 1525 Rio Vista Avenue, Los Angeles, California 90023. At these offices, the Company, through its wholly owned subsidiary Guru Denim, Inc. manufactures, markets, distributes and sells "True Religion Brand Jeans" in the United States, Canada, the United Kingdom, Europe, Australia and Japan. True Religion Brand Jeans can be found at Neiman Marcus, Saks Fifth Avenue, Ron Herman, Henri Bendel, Bloomingdales, Nordstrom, Barneys and approximately 300 fashion boutique clothing stores throughout the United States and Canada. True Religion Brand Jeans can also be found at fine stores in Japan, including Barney's Japan and in England, including Selfridges, Harrod's and Harvey Nichols. Forward-Looking Statements Statements in this document that are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this release include statements regarding the Company's belief that: (i) True Religion Apparel, Inc. will be able to ship its entire sales order backlog of $6.7 million; and (ii) that it can grow by broadening its distribution in the U.S. and abroad. Readers should be aware that at times, otherwise firm orders can be cancelled, production of jeans can be delayed or impeded through manufacturing difficulties, there may be defects in manufacture which may cause returns or order cancellation, and trade shows can be cancelled or postponed. Readers should also refer to the risk disclosures outlined in periodic reports filed by the Company from time to time with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: True Religion Apparel, Inc. Charles Lesser, 323-266-3072 -------------------------------------------------------------------------------- Source: True Religion Apparel, Inc. | ||||||||||||||
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