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True Religion Apparel Inc. Reports Fiscal First Quarter Financial Results
Tuesday April 26, 4:00 pm ET

LOS ANGELES--(BUSINESS WIRE)--April 26, 2005--True Religion Apparel Inc.

* Reports 1Q05 Sales of $20.1 Million -- -- Reports 1Q05 Diluted EPS of $0.17 --
* Raises FY05 Guidance for Sales and Earnings --

True Religion Apparel Inc. (OTCBB: TRLG - News) today announced results for the first quarter of fiscal 2005.

For the three month period ended March 31, 2005, net sales increased to $20.1 million compared to $2.7 million in the first quarter of the prior year. Net income increased to $3.8 million, or $0.17 per diluted share compared to the year-ago level of $256,000, or $0.01 per diluted share. The Company's results compare favorably to its original first quarter guidance of $0.13 to $0.15 per share on $17 to $19 million of revenue.

Gross margins for the first quarter improved 280 basis points to 50.8% compared to 48.0% in the fourth quarter of 2004. Operating margin for the first quarter increased to 32.4% compared to 28.6% in the fourth quarter of 2004 and 15.0% in the first quarter of 2004.

"We are off to a great start for the year," commented Jeff Lubell, President and CEO. "Our results for the first quarter reflect strong demand for our product, both domestically and abroad. We saw dramatic growth in all key tiers of distribution. We managed to expand our total door count and increase product penetration significantly at both upscale department stores and high-end fashion boutiques. Based on current demand for our products, we continue to see additional opportunities to grow our business within each tier of distribution."

Mr. Lubell continued, "We are quite pleased by the increased global awareness and appeal for our brand. Approximately 45% of our sales now occur outside of the United States. Japan continues to be our strongest foreign market, followed by Germany, the UK, Italy and Canada. We are gaining traction with our other international distributors and believe that the visibility of our brand and demand for our premium denim products overseas will continue to thrive."

Mr. Lubell continued, "The Company continues to work hard to develop new products and broaden our line. Earlier this month, we announced the opening of our first retail store which will serve as an experiment to test demand for new products as well as display our latest fashion styles and fabrics. This new store will create an exciting brand experience for our customers and allow us to effectively manage the direction of our brand."

Due to favorable trends in the business and increased product demand, the Company is revising guidance upward for the 2005 fiscal year. The Company currently anticipates sales of $84 to $88 million and diluted earnings per share of $0.66 to 0.70. For the second quarter of fiscal 2005, the Company anticipates sales of $20 to $22 million and diluted earnings per share of $0.16 to $0.17 The Company's weighted average shares outstanding at the end of the first quarter was 23,129,088 shares.

Mr. Lubell concluded, "We continue to see excellent opportunities in all areas of our business. Our bookings remain at all time highs and our increased guidance for the remainder of the year is indicative of the global demand we are seeing for our product both in the U.S. and abroad. We are proud of our achievements in the first quarter and look forward to continued success for the remainder of the fiscal year."

The Company will hold a conference call with senior management to discuss the financial results at 4:30 p.m. ET today. A live webcast of the conference call will be available at www.viavid.net. Please visit the Web site at least 15 minutes early to register for the teleconference webcast and download any necessary software.

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