American Apparel Cuts 1Q Loss

American Apparel Inc. reported a smaller loss in the first quarter and the company says a key revenue figure has improved in the current quarter and is expected to rise for the full year.

The company is cutting costs and closing stores in the face of weak sales, legal issues and accusations of mismanagement.

The retailer reported after the markets closed Tuesday that it had a net loss of $20.7 million, or 28 cents per share, for the three months ended March 31, versus a net loss of $42.8 million, or 60 cents per share, a year ago.