Apparel slump.

Shares in True Religion Apparel Inc. took a hit last week after the company projected lower-than-expected earnings for this year, although it did say it expected higher sales. The Vernon-based denim company said that an expanded product line and growth in its consumer direct business would push sales to $52.4 million for the quarter. Analysts on average were expecting revenue of $47.3 million, thanks in large part to a 280 percent jump in sales from its consumer direct business, which was attributed to the openings of 11 stores in 2007. The company now has 15 branded stores. The company forecast 2008 earnings between $1.48 and $1.52 per share, on sales of about $210 million to $215 million. Wall Street was expecting earnings of $1.56 per share on sales of $208 million. True Religion's outlook included $3.5 million in expenses related to 20 retail store openings in 2008.