American Apparel (APP) Preliminary Net Sales Up 16% in June; Comps Up 19%
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American Apparel, Inc. (AMEX: APP), a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel, announced preliminary sales for the month and quarter ended June 30, 2012. The Company reported that for the month ended June 30, 2012, total net sales increased 16% to $52.1 million when compared to the month ended June 30, 2011. Between the same periods, comparable store sales on a preliminary basis increased an estimated 19% and wholesale net sales increased an estimated 8%. For the quarter ended June 30, 2012, total net sales increased an estimated 12% to $149.2 million, comparable store sales increased an estimated 16% and wholesale net sales increased an estimated 10%.
In addition, record volumes should allow us to better leverage our store, factory and corporate overheads. Although favorable cotton prices are tempered by the negative effects of a strengthening US Dollar, we are managing our margins tightly and continue to generate a significant proportion of our sales through full-price selling. As we continue to raise store productivity levels, we will begin to examine opening additional stores, and believe we could be in a position to open as many as 50 additional stores over the next three years.
We expect these positive sales trends will continue into the third quarter.
The company reiterates 2012 EBITDA projection to be in the range of $32 million to $40 million.
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In addition, record volumes should allow us to better leverage our store, factory and corporate overheads. Although favorable cotton prices are tempered by the negative effects of a strengthening US Dollar, we are managing our margins tightly and continue to generate a significant proportion of our sales through full-price selling. As we continue to raise store productivity levels, we will begin to examine opening additional stores, and believe we could be in a position to open as many as 50 additional stores over the next three years.
We expect these positive sales trends will continue into the third quarter.
The company reiterates 2012 EBITDA projection to be in the range of $32 million to $40 million.
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