American Apparel, a vertically integrated manufacturer, distributor, and retailer of branded fashion-basic apparel headquartered in Los Angeles, announced financial results for its first quarter ended March 31, 2012.
"We are pleased with our first quarter results and solid improvements across all of our businesses," said John Luttrell, chief financial officer of American Apparel. "Our wholesale and online channels both reported record sales for the quarter, and we are highly encouraged by the continued momentum in comparable sales from our retail stores, both domestic and international. Though the first quarter is historically our slowest quarter of the year, significant sales growth and the related leveraging of fixed costs helped us meaningfully reduce our EBITDA loss. We expect key initiatives in the areas of merchandise planning, supply chain, IT systems, and inventory control to drive further sales and expense improvements for the balance of the year. Accordingly, we reiterate our adjusted EBITDA guidance of $32 to $40 million for the full year 2012."
- Companies:
- American Apparel