American Apparel Reports 25% Increase in Wholesale Sales
Los Angeles-based apparel manufacturer American Apparel has reported that its December 2011 sales increased 15 percent, to $56.3 million. This included a net sales increase of 25 percent for the company's wholesale market, which caters to promotional products suppliers and decorators. Total net sales for the year were up 3 percent, at $547.7 million.
"In December, we continued to build momentum in our business," said Dov Charney, chairman and CEO of American Apparel. "Our sales exceeded plan in all channels and we saw good progress in our wholesale channel across a broad spectrum of customers."
"Our product is resonating well with our customers both in stores and online," Charney added. "We are excited about our progress in 2011 and expect to build on our recent successes in the coming year."
Reuters is reporting that Goodman & Company, a Canadian investment firm and third-largest shareholder in American Apparel, raise its stake in the company nearly 10 percent following the news. Goodman & Company now controls 12.48 percent, or 13.61 million shares.
The company further announced that John Luttrell, chief financial officer for American Apparel, will be present at the 14th Annual ICR XChange Conference. Luttrell will be speaking on tomorrow at 2:00 p.m. ET at The Fontainebleau Hotel in Miami Beach. A live webcast of the audio from his presentation will be available on American Apparel's website under "Investor Relations."