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American Apparel sales up 13% in 2012
05
Mar '13
American Apparel, Inc., a vertically integrated manufacturer, distributor, and retailer of branded fashion-basic apparel, announced financial results for its fourth quarter and year ended December 31, 2012. The Company also provided guidance with respect to expected 2013 performance.

Financial Performance Highlights for 2012 and the Fourth Quarter of 2012

Sales:
Net sales: Up 13% for year; 10% for the fourth quarter.
Comparable retail store sales: Up 13% for the year; 7% for the fourth quarter.
Online sales: Up 30% for the year; 42% for the fourth quarter.
Wholesale sales: Up 12% for the year; 19% for the fourth quarter.

Gross Profit:
For the year: Up 11% to $327.4 million in 2012 from $294.9 million in 2011.
For the fourth quarter: Up 11% to $93.1 million in 2012 from $83.8 million in 2011.

Operating Expenses as a Percentage of Sales:
For the year: Down 5.2 percentage points to 52.9% in 2012 from 58.1% in 2011.
For the fourth quarter: Down 4.9 percentage points to 49.8% in 2012 from 54.7% in 2011.

Cash Generated from Operating Activities:
For the year: Up $21.3 million to $23.6 million in 2012 from $2.3 million in 2011.
For the fourth quarter: Up $9.7 million to $22.0 million in 2012 from $12.3 million in 2011.

Operating Income:
For the year: Up $24.3 million to $1 million in 2012 from a loss of $23.3 million in 2011.
For the fourth quarter: Up $9.2 million to $6.8 million in 2012 from a loss of $2.4 million in 2011.

Adjusted EBITDA:
For the year: Up 150% to $36.6 million in 2012 from $14.5 million in 2011.
For the fourth quarter: Up 95% to $17.8 million in 2012 from $9.1 for in 2011.

Earnings (Loss) per Share, Diluted:
For the year: Up $0.07 per share to a loss of $0.35 in 2012 from a loss of $0.42 in 2011.
For the fourth quarter: Up $0.15 per share to $0.04 in 2012 from a loss of $0.11 in 2011.

Operating Results - Fourth Quarter 2012

Comparing the fourth quarter 2012 to the corresponding period last year, net sales increased 10% to $173.0 million on an 11% increase in comparable store sales in the retail and online business and a 19% increase in net sales in the wholesale business.

Gross profit of $93.1 million for the fourth quarter of 2012 represented an increase of 11% from $83.8 million reported for the fourth quarter of 2011. Foreign currency effects were minimal for the quarter. Gross margin for the fourth quarter of 2012 was 53.8% as compared with 53.2% for the same quarter in 2011. The gross margin improvement was due to a shift in sales mix to higher margin online sales, reductions in manufacturing costs, and an improvement in retail gross margin.

As a percent of revenue, operating expenses for the quarter decreased 490 basis points to 49.8% from 54.7% in the fourth quarter 2011. The decrease was primarily due to control over and leverage of fixed overhead expenses.

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Courtesy: H&M

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