(Filed Under Financial and General Interest News). Basic apparel manufacturer, distributor and retailer American Apparel Inc.’s net losses narrowed in the third quarter of 2011 as sales rose.
Net losses came to $7.2 million, or 7 cents a share, down from $9.5 million, or 13 cents a share, in the third quarter of 2010. Sales increased 4.8 percent too $140.9 million, up from $134.5 million in the prior year’s period. Comparable sales rose 3 percent, retail sales increased 2 percent and online sales jumped 11 percent in the quarter. The company’s gross margin increased to 53.2 percent from 52.2 percent due mainly to an increase in sales prices across company sales channels.
"For the year, we have seen record sales in our online channel," stated chairman and C.E.O. Dov Charney. "With the combination of improving sales, a reduction in raw material prices and continued efficiency in our manufacturing processes, we believe the prospect is favorable for further improvement in our fourth quarter and fiscal 2012 financial performance."
Los Angeles-based American Apparel currently operates 247 stores in 20 countries.
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