American Apparel Inc. Announces Comparable Sales for October 2013
Los Angeles-based American Apparel Inc., a vertically integrated manufacturer, distributor and retailer of branded fashion basic apparel, announced preliminary sales for the month of October 2013. On a preliminary basis, total net sales were $59.5 million, an increase of 1 percent over the prior year. Comparable sales decreased 1 percent, including a 3 percent decrease in comparable store sales in the retail store channel and a 12 percent increase in net sales in the online channel. Wholesale net sales increased 8 percent for the month.
"Although disappointed with the negative comparable performance of our retail stores in October, we are encouraged by the strength in our online and wholesale businesses, which grew sales 12 percent and 8 percent, respectively. As October came to a close, we began to feel some encouraging incremental sales momentum in some markets. We are beginning to breathe a sigh of relief that we are overcoming some of the challenges we were experiencing at our new distribution center and we are pleased that our stores and customers are now being shipped product in a timely fashion," said Dov Charney, chairman and CEO. "While we are aware of a weaker consumer spending environment that has impacted traffic levels across the retail sector, our retail team is working around the clock to produce results for shareholders for the Christmas season."
Visit American Apparel's corporate website for the complete release.