American Apparel reports first-quarter loss
Los Angeles clothier American Apparel Inc. continued to struggle in the first quarter, reporting sales declines and a loss on Tuesday.
The clothing maker said total sales for the quarter that ended March 31 were $116.1 million, a 4.7% decline from the same quarter a year earlier. Sales at stores open at least a year fell 8% and online sales rose 28.3%.
The company also reported a loss of $20.7 million compared with a loss of $42.8 million in the first quarter of 2010.
Chief Executive Dov Charney said the company “achieved several key objectives in the first quarter” and said the results demonstrated early signs of recovery.
The company reported its earnings after the markets closed. During regular trading Tuesday, shares rose 6 cents, or 4.9%, to $1.28.
