True Religion Apparel, Inc. (Nasdaq:TRLG) today announced it has signed a new lease agreement to open an outlet store at the Woodbury Common Premium Outlets in Central Valley, NY, one hour north of New York City. The Woodbury Common store will be True Religion’s second outlet store, following the opening of its Desert Hills store in Cabazon, California in October 2006.
As a one-stop shopping destination for private luxury shopping excursions, travel wholesalers and tour operators, Woodbury Common features one of the country’s highest concentration of designer brands, featuring 220 stores including Christian Dior, Coach, Dolce & Gabbana, Escada, Fendi, Giorgio Armani, Gucci, Max Mara, Polo Ralph Lauren, Versace and Yves Saint Laurent, among others. Woodbury Common has the second highest sales of all outlet centers in the United States, after Cabazon, and is owned and managed by Chelsea Property Group, a subsidiary of Simon Property Group, Inc. (NYSE:SPG). The True Religion branded store will occupy 2,657 square feet and is expected to open in late spring of 2007.
“We have come a long way from this time last year when we had only one retail store in operation, and with our first East Coast outlet store, we plan to better manage the distribution of second-quality and out-of-season products,” said Michael Buckley, president of True Religion Apparel, Inc. “With the planned South Beach store opening in the next week, we are excited about stepping up our growth plans and executing on our retail strategy to open more stores in some of the most affluent markets around the country.”
About True Religion Apparel, Inc.
True Religion Apparel, Inc. is a growing, design-based premium global lifestyle brand. The company designs, manufactures and markets True Religion Apparel products, including its premium True Religion Brand Jeans. Its expanding product line, which includes high quality distinctive styling and fit, may be found in premier department stores and boutiques in 50 countries including the United States, Canada, Germany, United Kingdom, France, Spain, Scandinavia, Greece, Italy, Mexico, South America, Australia, South Africa, the Middle East, Korea, Japan, and China. For more information, please visit www.truereligionbrandjeans.com.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including uncertainties as to the nature of the apparel industry, including changing customer demand and tastes, seasonality, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.