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Wilsons Leather announces Q4 & full year 2007 results
05
Mar '08
Wilsons The Leather Experts Inc announced results for the quarter and full year ended February 2, 2008. Net sales for the fourth quarter ended February 2, 2008 decreased 8.7% to $121.4 million compared to $133.0 million for the same period last year. Comparable store sales for the fourth quarter ended February 2, 2008 decreased 2.4% compared to a decrease of 21.6% in the same period last year.

Wilsons Leather reported a net loss for the 2007 fourth quarter of $8.4 million. The net loss available to the common shareholders for the 2007 fourth quarter was $9.2 million or $0.23 per basic and diluted share.

The basic and diluted loss per share calculation includes a non-cash impairment charge of $19.7 million under FASB 144 related to the mall stores that were liquidated as well as the assets in the go-forward mall stores.

Also included is a $0.8 million Series A preferred stock paid-in-kind dividend payable. Excluding the impairment charge and the Series A preferred dividend, net income and diluted earnings per share for the 2007 fourth quarter were $11.3 million and $0.16, respectively, compared to net income for the 2006 fourth quarter of $12.0 million, or $0.31 per basic and diluted share.

Net sales for the year ended February 2, 2008 decreased 12.7% to $280.4 million compared to $321.3 million last year. Comparable store sales for the 2007 fiscal year decreased 10.4% compared to a decrease of 17.2% for the same period last year.

The 2007 net loss was $77.5 million. The net loss available to the common shareholders for 2007 was $96.8 million or $2.46 per basic and diluted share. The basic and diluted loss per share calculation for 2007 includes $19.3 million of adjustments that increased our net loss available to common shareholders by $0.49 per basic and diluted share as a result of our June 2007 equity financing.


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