American Apparel released numbers for its September quarter, confirming the picture executives have already anecdotally been painting of a tough operating environment.
The Los Angeles firm said in a filing with the Securities and Exchange Commission today that net sales for the September quarter totaled $126.05 million, down about 19 percent from the year-ago period. Its net loss for the quarter widened to $25.56 million, compared with $19.18 million of red ink a year earlier.
Same-store sales were off 14 percent in the quarter across its 227 stores, falling even further from the 7 percent comparable sales decline seen in the year-ago period.
American Apparel said it ended the quarter with $13.37 million in cash.
There appeared to be no bright spots for the company.
The wholesale and retail businesses in the U.S. and internationally were down with a number of factors cited including lower order volume from retailers, store closures, lack of new styles and the impact of exchange rates.
How much longer the business continues to slide remains to be seen.
Chief executive officer Paula Schneider declined to project when the tides might begin to turn in an interview with WWD in late January.
“The trend for e-commerce is OK. The trend for wholesale is fine. You’re looking at a macroeconomic retail slump right now,” Schneider said. “We’re not buoyed by the tide.”