American Apparel Inc.’s third-quarter profits narrowed because of merger-related stock compensation, but the Los Angeles-based company reaffirmed its full-year guidance.
For the quarter ended Sept. 30, net income slid to $2.3 million, or 3 cents a diluted share, versus $6 million, or 12 cents a share, a year ago. Net sales were up 45.2 percent to $154.8 million, from $106.6 million.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"