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Embattled American Apparel issues blunt warning to shareholders
New York -- Things are not getting any better at the struggling and cash-poor American Apparel. In fact, it looks like they are getting worse.
In a short form quarterly filing, the retailer said its net loss increased to $19.4 million in the second quarter from $16.2 million in the year-ago period while net sales fell 17% to $134 million. It estimated that, as of June 30, it had only $7 million in cash and $6 million left in its Capital One credit line. (American Apparel’s full quarterly filing will be delayed.)
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Survey shows how smartphones changing retail landscape
Austin, Texas -- Smartphones are quickly becoming the first screen for consumers — even in retail stores. But while consumers overwhelmingly prefer to access the Internet on their mobile devices, only 30% use retailer applications to purchase products.
Those are two of the key takeaways of a study RetailMeNot, which commissioned Forrester Consulting to look at how smartphones and apps are changing the retail landscape and how retailers should respond to engage shoppers.
