Jeans 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.
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