Mall accessory unit performance strong at Wilsons Leather

17 Aug '05
5 min read

Leather outerwear, accessories and apparel primarily under the proprietary labels, Wilsons The Leather Experts Inc reported second quarter and year-to-date operating results.

Net sales for the second quarter ended July 30, 2005 increased 5.6 percent to $58.4 million compared to $55.3 million for the same period last year. Comparable store sales increased 8.7 percent compared to an increase of 11.0 percent in the same period last year.

Wilsons Leather reported a net loss for the 2005 second quarter of $14.0 million, or $0.36 per basic and diluted share. This compares to a net loss for the 2004 second quarter of $30.4 million, or $1.14 per basic and diluted share.

Included in the results for the 2004 second quarter is a net loss of $8.2 million, or $0.31 per basic and diluted share, primarily related to lease termination costs and fixed asset write-offs related to the closing of 111 stores and other restructuring costs. Net loss for the 2004 second quarter, when adjusted to remove the $8.2 million in charges related to store closings and restructuring, was $22.2 million, or $0.83 per basic and diluted share.

Year-to-date sales decreased 6.8 percent to $142.7 million compared to $153.1 million for the same period last year.

Sales for the prior year-to-date period included approximately $20.8 million in liquidation sales resulting from the transfer of inventory to an independent liquidator in conjunction with the closing of approximately 111 stores. Comparable store sales for the six-month period increased 12.8 percent compared to an increase of 3.1 percent in the same period last year.

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