The Company reported that for the month ended June 30, 2012, total net sales increased 16% to $52.1 million when compared to the month ended June 30, 2011. Between the same periods, comparable store sales on a preliminary basis increased an estimated 19% and wholesale net sales increased an estimated 8%.
For the quarter ended June 30, 2012, total net sales increased an estimated 12% to $149.2 million, comparable store sales increased an estimated 16% and wholesale net sales increased an estimated 10%.
“We are very pleased to report strong sales performance across all distribution channels and geographies and these results again exceeded our expectations,” stated Dov Charney, Chairman and CEO.
“In the month of June 2012, more merchandise was sold to customers than for any June in our history. On a per store basis, annualized June 2012 in-store sales are trending only 8% less than the historic high set in 2008 and we think we can surpass that historic level within the next 12 to 18 months.” The following table illustrates the progress we have made on this front:
In addition, record volumes should allow us to better leverage our store, factory and corporate overheads. Although favorable cotton prices are tempered by the negative effects of a strengthening US Dollar, we are managing our margins tightly and continue to generate a significant proportion of our sales through full-price selling. As we continue to raise store productivity levels, we will begin to examine opening additional stores, and believe we could be in a position to open as many as 50 additional stores over the next three years.
We expect these positive sales trends will continue into the third quarter.
As we continue to drive higher cash flow and improved earnings performance, we believe we could be in a position to refinance our higher cost debt at substantially lower interest rates in late 2012 or early 2013.
American Apparel is a vertically integrated manufacturer, distributor, and retailer of branded fashion basic apparel based in downtown Los Angeles, California.
American Apparel Inc
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