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Mall accessory unit performance strong at Wilsons Leather

17
Aug '05

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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