Losses Narrow for American Apparel

By City News Service

Los Angeles-based American Apparel Inc. Tuesday reported a fourth-quarter loss of $11.2 million, or 11 cents per share, compared to a loss of $19.3 million, or 27 cents per share, for the same quarter a year ago.

Fourth-quarter sales of $157.9 million represented a 9 percent improvement — online sales rose 19 percent — from the quarter ended Dec. 31, 2010, the clothesmaker reported. Comparable store sales rose 7 percent,

On Tuesday, American Apparel got a new line of credit from Crystal Financial, which is backed by billionaire investor George Soros.

“With our refinancing in place our focus in 2012 is to continue to drive top line sales in all channels and achieve improved efficiency in operations,” said Dov Charney, American Apparel’s chairman and chief executive.

During the quarter, the company opened five retail stores and closed three to end the year with 249 stores worldwide.

The year-end loss was 42 cents per share compared to $1.21 per share in 2010.

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March 15, 2012  Copyright © 2012 Eastern Group Publications, Inc.

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