By  on February 10, 2012

True Religion Apparel Inc., a Wall Street darling in 2011, disappointed investors late Thursday.

The Los Angeles-based firm’s shares fell more than 20 percent in after-hours trading following the company’s release of fourth-quarter earnings that unexpectedly declined and sales that, while higher, fell short of estimates. The firm initiated 2012 earnings guidance that also fell below Wall Street’s view, although revenue projections exceeded it.

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