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UPDATE 1-American Apparel loss narrows
March 14, 2012 / 1:42 PM / 6 years ago

UPDATE 1-American Apparel loss narrows

* Q4 loss/shr $0.11 vs loss/shr $0.27 last yr

* Q4 revenue up 9 pct at $157.6 mln

* Sees 2012 sales at $552 mln-$559 mln

March 14 (Reuters) - Clothing and accessories retailer American Apparel Inc reported a lower quarterly loss, helped by higher sales at its stores and forecast strong full-year sales.

The company, known for its racy advertising and bright “Made-In-America” clothes, said it expects full-year sales between $552 million and $559 million.

Fourth-quarter net loss was $11.2 million, or 11 cents a share, compared with a loss of $19.3 million, or 27 cents a share, a year ago.

Revenue increased 9 percent to $157.6 million, helped by a 7 percent rise in comparable sales.

On Tuesday, American Apparel said it has acquired a new credit line from George Soros-backed Crystal Financial and that there was no longer any substantial doubt about its ability to continue as a going concern.

Shares of the Los Angeles based-retailer were flat at $1.02 in early trading on Wednesday on the American Stock Exchange.

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