American Apparel falls after missing Q1 profit expectation
American Apparel Inc. (AMEX:APP) shares are falling 13% after the Jackson, Wyo.-based apparel maker reported after Tuesday’s close that its first-quarter earnings fell to $1.1 million, or $0.02 per share, versus $1.7 million, or $0.03 per share, a year earlier. Wall Street expected earnings of $0.05 per share. Quarterly revenue surged 52% to $111.6 million from $73.5 million a year ago. Wall Street analysts anticipated $99.3 million in revenue.
American Apparel affirmed 2008 earnings guidance ranging from $0.32 to $0.36 per share. Analysts expect $0.35 per share.
In Wednesday morning trading, APP shares are falling 13.96%, or $1.18, at $7.27. For detailed price information and recent news stories about American Apparel, click APP.
About the Author
Reporter Will Atkinson is based in SmallCapInvestor.com's Washington, D.C. bureau.
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