American Apparel Inc. Reports First Quarter 2013 Financial Results and Reiterates Outlook for Full Year 2013
Operating expenses of $83.3 million for the first quarter 2013 represented an increase of 4 percent from $79.9 million for the first quarter 2012. As a percent of revenue, operating expenses remained unchanged at 60 percent for both quarters. The increase in operating expenses was primarily due to higher share-based compensation costs of $1.7 million. Additionally, we incurred higher rent expenses of $1.6 million related to higher CAM (common area maintenance) charges and lease termination costs, as well as rent for our new distribution center and $0.8 million in higher expenses associated with RFID-related supplies and travel for other store refurbishment activities. This increase was offset by lower store payroll of $1.1 million and lower advertising expenses of $1.1 million.
- Companies:
- American Apparel