Premium jeans maker True Religion Apparel Inc, which has been hit by falling sales, said it may sell itself after receiving interest from potential buyers.Shares of the company jumped as much as 25 percent to $26.25 in early trading on Wednesday, valuing it at about $680 million. They had fallen by about a quarter in the last three months.True Religion, known for its colorful jeans that sell for up to $360 at its specialty boutiques, has been hit by falling demand as consumers switch to lower-priced denim. The company's sales have fallen 12 percent over the last three quarters."The company has undergone a number of fashion missteps. More importantly, we question the relevancy of the brand, particularly given its premium price point," said analyst Edward Yruma of KayBanc Capital Markets.
True Religion Apparel, Inc. (True Religion) designs, markets, sells and distributes premium fashion apparel, centered on its core denim products using the brand name True Religion Brand Jeans. Shares of TRLG traded higher by 22.32% or $4.69/share to $25.70. In the past year, the shares have traded as low as $20.22 and as high as $37.82. On average, 405585 shares of TRLG exchange hands on a given day and today's volume is recorded at 4616736.
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