American Apparel second quarter beats Street, cuts 2009 sales view
today Aug 14, 2009
Aug 13 (Reuters) - American Apparel Inc (APP.A) posted a second-quarter profit that beat market expectations, but said it might post a full-year loss as the clothing retailer sees lower sales.
Signe in the Lame Stripe Bodysuit from American Apparel - Photo: www.americanapparel.net
For the full year, the company, known for its brightly colored basics, pro-labor policies and racy marketing, forecast a net loss of $1 million to a profit of $4 million.
The company expects revenue of $540 million to $555 million, compared with its earlier view of $550 million to $575 million.
Analysts were expecting revenue of $564.8 million, according to Reuters Estimates.
For the latest quarter ended June 30, the company earned $4.5 million, or 6 cents a share, compared with $6.8 million, or 10 cents a share, a year ago. Analysts were expecting it to earn 3 cents a share.
Revenue rose 2 percent to $136.1 million.
Shares of the company had closed at $4 Thursday 13 August on the American Stock Exchange.
(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Pradeep Kurup)
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