American Apparel Posts Biggest Sales Drop in Four Years
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American Apparel Inc., which has been without a permanent chief executive officer since June, posted a wider quarterly loss after the clothing chain’s sales fell the most in almost four years.
The net loss in the third quarter expanded to $19.2 million, or 11 cents a share, from a loss of $1.5 million, or 1 cent, a year earlier, the Los Angeles-based company said yesterday in a statement. Revenue fell 5.3 percent to $155.9 million, the biggest decline since the fourth quarter of 2010.