American Apparel posts Q3 retail same-store sales up
13 Nov '07
4 min read
Pro Forma Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and certain adjustments and exclusions (“pro forma adjusted EBITDA”) equaled $17.4 million for the third quarter ended September 30, 2007.
This represents a 221% increase over pro forma adjusted EBITDA of $5.4 million for the three months ended September 30, 2006. The non-cash and other adjustment items in the quarterly comparisons per the acquisition agreement include deferred rent, litigation/legal expenses and business combination expenses not capitalized.
These adjustments totaled approximately $0.4 million for the three months ended September 30, 2007 as compared to approximately $(0.1) million for the three months ended September 30, 2006.
Dov Charney, Chief Executive Officer of American Apparel stated: "I am very proud of the financial results we have delivered in the third quarter, which were made possible by the important contributions of everyone at the company.
I look forward to the completion of our merger with Endeavor which will result in American Apparel becoming a public company, and will allow our employees and the public to share in the future success of our business.”
For the nine month period ended September 30, 2007, American Apparel reported combined sales of $275.6 million. This was a 31% increase over sales of $209.8 million for the nine month period ended September 30, 2006.
American Apparel's retail sales for the first three quarters of 2007 were $146.7 million, an increase of 50% over the $97.7 million of sales in the comparable period for 2006.
Wholesale sales for the nine month period ended September 30, 2007 were $128.9 million, a 15% increase over the $112.1 million for the nine months ended September 30, 2006.
Pro Forma Adjusted EBITDA equaled $45.0 million for the nine months ended September 30, 2007. This represents a 106% increase over pro forma adjusted EBITDA of $21.8 million for the nine months ended September 30, 2006.
The non-cash and other adjustment items in the quarterly comparisons per the acquisition agreement include deferred rent, litigation/legal expenses and business combination expenses not capitalized.
These adjustments totaled approximately $2.1 million for the nine months ended September 30, 2007 as compared to approximately $1.9 million for the nine months ended September 30, 2006.
marketing@alchempro.com
