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American Apparel Reports 2012 Financials

(3/5/2013)

Counselor Top 40 supplier American Apparel (asi/35297) announced yesterday that it increased its overall net sales by 13% in 2012 (reaching a total of $617 million) and by 10% in the fourth quarter. In breaking down its divisions' results, the apparel supplier indicated that its wholesale division – which includes its ad specialty sales – grew its revenues by 12% for full-year 2012 and by 19% in the last quarter of the year. The public company (NYSE: APP) also realized positive operating income last year of $1 million, after overcoming a loss $23.3 million in 2011.

"We are pleased with our fourth quarter results that again show solid growth and continuing momentum in all business segments and almost all major geographies," said Dov Charney, chairman and CEO of American Apparel. "Significant sales growth, operating expense control and the acceleration of leverage of our fixed costs allowed us to increase EBITDA performance [in 2012] to $36.6 million from $14.5 million in the prior year. Although we are pleased with this growth, we are focused on continuing to improve our financial performance. During this past year, we have carefully invested in systems and infrastructure to facilitate future growth."

As part of its 2012 financial reporting, American Apparel also provided positive guidance for its business in 2013. The company said it is assuming net sales of between $652 million and $660 million for full-year 2013, and it is forecasting major growth for its wholesale division. "We have set a three to five year goal to grow our business-to-business wholesale channel a minimum of 25% by improving the functionality and offering of our wholesale online store, expanding the assortment of product offered to our wholesale customers (such as baseball caps, just as one example) and increasing the reach of our sales force," the company said in its filing.



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