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Leather & accessories maker Wilson Leather declares June sales

06
Jul '06
Wilsons The Leather Experts Inc reported sales of $17.4 million for the five weeks ended July 1, 2006 as compared to $21.7 million for the five weeks ended July 2, 2005. Year-to-date sales for the Company's stores decreased 12.6 percent to $107.8 million compared to $123.3 million for the same period last year.

Comparable store sales decreased 19.9 percent for the five weeks ended July 1, 2006; this decrease compares to a 6.9 percent increase in comparable store sales for the five weeks ended July 2, 2005. Year-to-date comparable store sales decreased 12.2 percent compared to an increase of 13.4 percent for the same period last year.

Michael Searles, Chairman and Chief Executive Officer, commented, "June is one of our lowest volume periods of the year. In preparation for our new mall store initiatives starting this fall, year-to-date merchandise receipts have been reduced by 26.1 percent when compared to last year, which has negatively impacted sales. These reductions were necessary as we re-design and deliver new product.

This is reflective of the continued transition of our merchandise mix in preparation for our fall strategic initiative which will start to become apparent in our mall stores at the beginning of September.

As a result of these actions, and our continuing effort to liquidate non-go-forward merchandise, our comparable store sales have been negatively impacted. We remain focused on our plan to re-invent the mall store experience for both old and new Wilsons Leather consumers."

Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the United States. As of July 1, 2006, Wilsons Leather operated 421 stores located in 45 states, including 296 mall stores, 111 outlet stores and 14 airport stores.

Wilsons The Leather Experts Inc


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