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News Flash
2010 is a productive year, Acting President of American Apparel
02 Apr '11
5 min read
• Implemented a more aggressive approach to optimizing inventory and refining product assortment.
• Enhanced our store base by remodeling or expanding over 40 stores and visibly improving appearance at over 60 stores and closing 13 stores."
"Our principal goal in 2011 is to stabilize the business and create a platform for renewed growth and increasing sales," said Casey. "Our customers are delighted by American Apparel's distinctive high-quality product offering and the American Apparel brand is as strong as ever."
“Our same store sales are improving and we expect first quarter 2011 comps to be in the negative mid to high single digits. We expect to achieve positive comp store sales for 2011. Each percentage point increase in comparative store sales generates approximately $2.5 million in additional operating income, before consideration of variable costs. We are excited about Marty Staff's new initiatives to develop wholesaling of American Apparel product to retailers as well as expanding store-in-store opportunities.
“We currently have successful store-in-store operations at Selfridges and Galleries Lafayette and we believe we can be very successful in significantly expanding this channel in 2011. We expanded our product line significantly in 2010 and we'll focus in 2011 on refining our assortment while reducing unit inventories by 20%. We also expect to achieve over $30 million in cost savings over the next few years through efficiencies in retail, distribution, general and administrative costs and manufacturing processes."
"I am especially proud of our manufacturing workers and our dedicated retailing associates in 20 countries who have remained loyal and hard-working through a difficult year. We employ over 7,000 employees in the Los Angeles County alone, including seamsters and seamstresses, knitters, dyers, productions supervisors, factory managers, administrators, retail and production coordinators, planners, administrators as well as over 5,000 additional employees globally in 20 countries.", said Dov Charney, CEO and founder of American Apparel.
"I believe we are well along on our journey to restore manufacturing efficiency. We have solid plans to drive increased sales through existing and new channels. We are also diligently working on improving our return on invested capital through effective asset management. Therefore, I believe we will restore the Company's historical levels of profitability by 2013."
"We also appreciate the support of Lion Capital as well as our other financial and vendor partners. Lion Capital announced that it is currently giving up its two board seats at American Apparel in order to optimize their flexibility regarding potential future investments in the Company but it has retained its ability to designate directors to the board at an appropriate time in the future. I would like to thank Lyndon Lea and his partners at Lion for their support on the American Apparel Board, said Charney."
Click here for more details
• Enhanced our store base by remodeling or expanding over 40 stores and visibly improving appearance at over 60 stores and closing 13 stores."
"Our principal goal in 2011 is to stabilize the business and create a platform for renewed growth and increasing sales," said Casey. "Our customers are delighted by American Apparel's distinctive high-quality product offering and the American Apparel brand is as strong as ever."
“Our same store sales are improving and we expect first quarter 2011 comps to be in the negative mid to high single digits. We expect to achieve positive comp store sales for 2011. Each percentage point increase in comparative store sales generates approximately $2.5 million in additional operating income, before consideration of variable costs. We are excited about Marty Staff's new initiatives to develop wholesaling of American Apparel product to retailers as well as expanding store-in-store opportunities.
“We currently have successful store-in-store operations at Selfridges and Galleries Lafayette and we believe we can be very successful in significantly expanding this channel in 2011. We expanded our product line significantly in 2010 and we'll focus in 2011 on refining our assortment while reducing unit inventories by 20%. We also expect to achieve over $30 million in cost savings over the next few years through efficiencies in retail, distribution, general and administrative costs and manufacturing processes."
"I am especially proud of our manufacturing workers and our dedicated retailing associates in 20 countries who have remained loyal and hard-working through a difficult year. We employ over 7,000 employees in the Los Angeles County alone, including seamsters and seamstresses, knitters, dyers, productions supervisors, factory managers, administrators, retail and production coordinators, planners, administrators as well as over 5,000 additional employees globally in 20 countries.", said Dov Charney, CEO and founder of American Apparel.
"I believe we are well along on our journey to restore manufacturing efficiency. We have solid plans to drive increased sales through existing and new channels. We are also diligently working on improving our return on invested capital through effective asset management. Therefore, I believe we will restore the Company's historical levels of profitability by 2013."
"We also appreciate the support of Lion Capital as well as our other financial and vendor partners. Lion Capital announced that it is currently giving up its two board seats at American Apparel in order to optimize their flexibility regarding potential future investments in the Company but it has retained its ability to designate directors to the board at an appropriate time in the future. I would like to thank Lyndon Lea and his partners at Lion for their support on the American Apparel Board, said Charney."
Click here for more details
American Apparel Inc
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