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Tuesday, Nov 28, 2023

American Apparel Shows Sales Growth in January

American Apparel Inc. on Monday said its year-to-year total apparel sales jumped 14 percent in January, marking the fourth straight month of improvement for the struggling company.

The Los Angeles company said same-store sales grew 11 percent and online sales rose 39 percent. Wholesale net sales were up 21 percent.

“I am very encouraged by the sales performance of the company,” said Chief Executive Dov Charney in a statement. “Higher sales running through our three sales channels … allow for us to improve operational efficiencies at the factory.”

American Apparel faced a liquidity crisis a year ago that put it on the brink of bankruptcy. A group of Canadian investors rescued the company in April with a financing package worth about $43 million, buying the company time to turn around operations and boost sales.

Shares closed up 5 cents, or 6.4 percent, to 78 cents on the New York Alternet.

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