American Apparel Inc. posted a second-quarter net loss of $15.3 million, or 14 cents a diluted share, for the three months ended June 30, compared with a net loss of $213,000 in the year-ago quarter. Net sales increased 12.5 percent to $149.5 million, up from $132.8 million.
The widening loss was largely attributable to a decrease in the value of warrants held by American Apparel that are tied to its stock price. The shift meant other expenses increased in the quarter to $13.4 million versus other income of $5.5 million a year ago.
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?"