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American Apparel continues to post strong retail numbers and plans to continue its rapid retail expansion.
The wholesaler and retailer said today it opened 78 new stores in 2008, and plans to open 25 to 30 stores in 2009. It ended the year with 260 stores.
For the year ended Dec. 31, sales at stores open more than a year rose 22 percent. Net company sales for the year rose 41 percent to $545 million.
Other highlights from the company's results:
Total sales: up 31 percent to $145.6 million
Retail sales: up 52.7 percent to $98 million
Comp sales: up 11 percent
Wholesale sales: down 2.8 percent to $36.3 million
Online sales: up 17.6 percent to $11.4 million
Gross margins: 55.4 percent vs. 54 percent the same period last year due to growth of retail.
Net income: up 30 percent to $3.9 million
Cash: The company ended the year with $11.4 million in cash
Debt: Approximately $104 million in long and short term debt.
New investor: The company announced Friday it received a $80 million investment from Lion Capital LLC. If all the warrants are converted, Lion could own an 18 percent stake in the company. Lion gets two board seats as a result. American Apparel said it would use the money to pay down some debt and for working capital.