American Apparel Reports Third Quarter Financial Results
American Apparel, Los Angeles, recently announced financial results for its third quarter ended Sept. 30, 2014. While net sales for the quarter decreased $8.7 million, or 5 percent, compared to the same period in 2013, the company reported a 2 percent increase in wholesale sales over that period, partially offsetting lower retail and online sales. Other financial highlights include an adjusted EBITDA of $13.5 million, up from $9.8 million during the same period in 2013.
"The strength of American Apparel's operating model is evident in the 38 percent year-over-year improvement in adjusted EBITDA," said Scott Brubaker, the company's interim CEO. "We are proud to have achieved this growth during a period of company-wide operational restructuring and in a challenging macro-economic environment for retailers. I am encouraged by these results and am optimistic about the future prospects of the business."