American Apparel Inc. Provides Business Update
American Apparel Inc., Los Angeles, provided an update this week related to fourth quarter sales and other business initiatives in anticipation of its presentation at yesterday's Wedbush Securities' 12th Annual California Dreamin' Consumer Management Access Conference.
The company reported that it continues to see improvements in monthly retail sales performance thus far in the fourth quarter. Comparable store sales increased 10 percent in November from a 7 percent increase in retail stores and a 32 percent increase in online sales. For October, comparable store sales increased 4 percent including a 3 percent increase from retail stores and a 6 percent increase from online sales.
On a quarter-to-date basis through November 30, 2011, the company achieved a 6 percent comparable sales increase including a 5 percent increase in comparable sales from retail stores and a 16 percent increase in online sales. Wholesale net sales were flat quarter-to-date through November 30, 2011, a result that was substantially in-line with management's expectations. On an overall basis, total net sales increased 7 percent through November 30, 2011.
"We are pleased with the momentum that is building in our core businesses," said Dov Charney, chairman and CEO of American Apparel. "Our retail channels, both in store and online, are seeing sales growth indicating a revitalized connection to our customer. We are excited about this trend, we feel it is long-lasting, and it is one we can meaningfully build upon. Other positive signs include improved efficiency at our manufacturing facilities, stabilization of world cotton prices and improved profitability at our average retail store."
For more information, visit American Apparel's website.