They've made a lot of important and not easy steps in closing some divisions. But I think there might be more fat to trim.

While we applaud the difficult decision to reduce the workforce in order to enhance shareholder value, yesterday's restructuring announcement leads us to suspect headwinds may be stronger than previously indicated.

In our opinion, the simple analysis of the downward revision is the watch business stinks, it's not going to get better for a long time, and investors should stay on the sidelines until we see signs of a turnaround.

We're looking at a $2.1B-revenue company now, whereas two years ago it was a $1.3 billion company.

The only negative was that revenue came in a little light.

Contrary to the rumor spreading that has True Religion missing first-quarter guidance, we believe it will be at the high end of plan or slightly above.