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.