American Apparel (APP) Swings to Q1 Loss; Comps Down 7%; Guides FY09 Sales; May Restate Previously Issued Financial Statements

American Apparel (NYSE: APP) reports Q1 loss of $0.13, versus the analyst estimate of ($0.05) and compared to a gain of $0.02 in the same quarter last year. Revenue for the quarter was $114.3 million, versus the consensus of $117.50 million.

Same store sales fell 7% during the quarter.

Sees FY09 sales of $550-$575 million, which compares to the Street estimate of $576.75 million, with income from operations of $40-$50 million.

American Apparel is evaluating its classification of its revolving credit facility as a long-term obligation, and certain other balance sheet and cash flow presentation matters, which may result in a restatement of previously issued financial statements.

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