Overall sales are up, too, but the company’s loss widens.
Kevin Woodward , Senior Editor
Online sales increased in the third quarter for American Apparel Inc., as its overall sales improved, too.
For the third quarter ended Sept. 30, American Apparel, No. 287 in the Internet Retailer Top 500 reported:
Online sales accounted for 7.3% of total third quarter 2012 sales compared with 7.1% in the same quarter a year ago. The web also accounted for 11.3% of retail sales in Q3, the same percentage as last year.
”We continue to make meaningful progress in improving inventory efficiency with a 5% reduction in unit inventory in this quarter,” says Dov Charney, chairman and CEO. “This brings our total unit reduction to over 18% since we began this undertaking in 2011. Although our aggressive approach to reducing inventories has caused a modest amount of margin erosion, improving inventory turns by driving unit sales will improve inventory efficiency, lower carrying costs and reduce working capital requirements over the long-term.”
For the first three quarters:
Online sales accounted for 8.3% of overall sales in the first three quarters of 2012 compared with 7.7% for the same period a year ago. The web accounted for 13.1% of retail sales in the first nine months of Q3, compared with 12.2% last year.