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Wednesday, November 04, 2009
True Religion Shares Slide After 3Q Results Disappoint
By Kathryn Glass
FOXBusiness
Shares of high-end denim retailer True Religion Apparel (TRLG) plunged 24.44% or $6.49 on Wednesday after the company reported a 9% drop in profit when it released its third quarter earnings results, which missed analyst expectations Tuesday after the market closed.
The company saw net income fall to $14.1 million, or 58 cents per share, compared to profit of $15.4 million, or 64 per share in the year-ago period.
Sales rose 3.8% to $82.4 million in the third quarter, up from $79.4 million in sales a year ago.
The company raised its 2009 outlook for earnings to range between $1.82 and $1.86 per share. The company and previously forecast earnings in the range of $1.76 to $1.84 per share.
True Religon shares closed at $20.07 on Wednesday.
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