Industry of apparel

American Apparel Inc. (APP) third-quarter earnings jumped 78% after year-earlier stock compensation related to a 2008 merger depressed margins. Meanwhile, sales continued to go week for the casual-clothing retailer.

American Apparel reported a profit of $4.2 million, or 5 cents a share, from $2.3 million, or 3 cents a share, a year earlier. A year earlier, the period included merger-related compensation expenses, excluding which earnings were 16 cents a share.

Revenue decreased 2.9% to $150.3 million, as same-store sales dropped 16% on a so currency basis.

Gross margin leapt nine percentage points to 58.1%, and rose only slightly from last year's margin excluding merger expenses of 57.6%.

Singh was speaking on the eve of a summit with US President Barack Obama, whose administration indicated hours earlier it would propose a target for carbon emission cuts ahead of next month's high-stakes Copenhagen summit.

China and other growing developing them have been pressing for Western nations to offer technology and other support to help them reduce the intensity of emissions blamed for global warming.

But the emerging economies have resisted legally binding requirements, saying it is not they, but wealthy nations which bear responsibility for carbon emissions.