True Religion Inc., the struggling luxury denim maker that recently put itself up for sale, reported a slight rise in third-quarter profit due to growth in its wholesale business.
In the three months ended Sept. 30, the Vernon retailer said profit was $12.3 million, or 49 cents a share, a 1.7% rise from $12.1 million, or 48 cents a share, a year earlier.
Total sales jumped 9.4% to $118.5 million. Its wholesale segment, which sells to off-price and specialty retail stores, grew 35.4% to $29.8 million.
Jeffrey Lubell, chief executive of True Religion, lauded the company's expansion in international and domestic markets.
"While our same-store sales fell short of our expectations, we were able to exit the quarter with less slow-moving merchandise," Lubell said. "This puts us in a strong position heading into the holiday season."