American Apparel Inc. Reports Third Quarter 2013 Financial Results
"No question, we had a rough third quarter, although I think it is important to emphasize that most of the challenges we have faced were primarily technically oriented and we believe these challenges are substantially behind us," said Dov Charney, chairman and CEO of American Apparel Inc. "That being said, I am confident in three things: our brand is strong, our customer is energized, and our product line is being well received. I believe American Apparel is a company that can grow significantly.
"There are great opportunities for online growth, and there is a resurgence of interest in made-in-USA clothing especially within the wholesale ad-specialty industry. Private label orders are also up significantly and we anticipate a lot of growth in that area. An example of the made-in-USA demand includes an order we recently received for over 500,000 units that will be sold as printed items at a major retailer. We are currently hiring over 300 sewing employees to meet demand I anticipate in 2014. It is also noteworthy that our unit inventories are at their lowest levels in three years.
"There are requests for us to open stores all over the world in major cities like Hong Kong, Taipei, Copenhagen and Madrid. I am looking forward to working with our team to produce strong results for shareholders in 2014. The company is uniquely positioned and has a competitive advantage as a result of its made-in-USA manufacturing, distribution, and retail infrastructure, which has been developed over the last 10 years. I believe that these factors present a unique opportunity for growth."