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American Apparel: Mixed 4q

(Filed Under Financial and General Interest News). During the fourth quarter ended December 31, 2009, American Apparel, Inc. reported a reduction in manufacturing efficiency at its production facilities. The company attributed this primarily to the forced termination of more than 1,500 manufacturing employees during the third and fourth quarter of 2009 due to unresolved irregularities in their immigration identity documents.

Still, the vertically integrated manufacturer, distributor and retailer of fashion basics reported mixed sales results compared with the same period of the previous year. Total net sales increased 8.6 percent; to $158.1 million from $145.6 million, with retail net sales up 10.4 percent; to $108.2 million from $98 million, and wholesale net sales, excluding online consumer sales, up 6.1 percent; to $38.5 million from $36.3 million. However, comparable store sales declined 7 percent. Net income decreased to $3.049 million from $3.884 million.

Dov Charney, chairman and chief executive officer of the company, stated: “I am pleased by the discipline that has been demonstrated in managing our inventory levels and by the focused capital expenditures made in 2009. Our main goals for 2010 are to enhance the productivity of our existing base of retail stores, re-establish our level of manufacturing efficiency at our production facilities, and to continue to broaden our management team to implement best practices throughout our organization.”

As of March 20, 2010, American Apparel employed approximately 10,000 people and operated 280 retail stores in 20 countries, including the United States; Canada; Mexico; Ireland; Spain; Israel; and China. For further information, contact Adrian Kowalewski, chief financial officer of the company, by calling (213) 488-0226.

more Financial and General Interest News >>

Published 04-01-2010 by Amanda Torres Price

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