American Apparel Reports Preliminary $15 Million Loss in 2nd Quarter

Which, believe it or not, is better than its $38 million net loss in the same quarter last year.
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Eliza Brooke
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Which, believe it or not, is better than its $38 million net loss in the same quarter last year.
An American Apparel store. Photo: Andrew Burton/GettyImages

An American Apparel store. Photo: Andrew Burton/GettyImages

Well, it's been a few weeks since we've heard from American Apparel. After revising its board earlier this month — on August 2, four new members joined David Danziger and Allan Mayer, holdovers from the previous board, and one more was appointed on August 8 — the company has now released a preliminary report on its finances for the last quarter. "Preliminary" because the newly established board needs to review the numbers before the company can finalize the results, having missed the filing deadline for the second quarter. 

Let's take a look at them anyway. According to a filing made public Tuesday, American Apparel's net loss for the three months ending June 30 clocks in at $15 million. While it's clear that the company has a long way to go before anyone can declare its business fully resuscitated, that's at least better than its losses during the period the year prior, which stood at $38 million. 

In total, American Apparel's net loss for the last two quarters is an estimated $21 million, which stacks up against $84 million the year prior. 

Sales for the quarter came in at $162 million, which American Apparel says is "essentially unchanged" from 2013. The last six months, meanwhile, brought in $299 million in net sales, the same as last year.

The company that Dov Charney founded in 1989 has been through the ringer this summer, kicking off with Charney's firing in June over alleged sexual misconduct. Hopefully the new board can shed some light on its plan for turning things around — after they've approved the second quarter's numbers, of course.