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Home / Knowledge / News / Fashion / Wilsons Leather Experts Inc Q3 net sales down 13%

Wilsons Leather Experts Inc Q3 net sales down 13%

17
Nov '05
Leather outerwear, accessories and apparel maker Wilsons Leather Experts Inc reported third quarter and year-to-date operating results.

Net sales for the third quarter ended October 29, 2005 decreased 13.1 percent to $76.4 million compared to $87.9 million for the same period last year. Comparable store sales decreased 11.3 percent compared to an increase of 7.2 percent in the same period last year.

Wilsons Leather reported a net loss for the 2005 third quarter of $11.7 million, or $0.30 per basic and diluted share. This compares to a net loss for the 2004 third quarter of $8.5 million, or $0.22 per basic and diluted share. Included in the results for the 2004 third quarter is a net loss of $2.7 million, or $0.07 per basic and diluted share, primarily related to lease termination costs, severance, and other restructuring charges related to the closing of 111 stores.

Net loss for the 2004 third quarter, when adjusted to remove the $2.7 million in charges related to store closings and restructuring, was $5.8 million, or $0.15 per basic and diluted share.

Year-to-date sales decreased 9.1 percent to $219.1 million compared to $241.0 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 nine-month period increased 3.1 percent compared to an increase of 4.7 percent in the same period last year. Comparable store sales for the prior year-to-date period do not include sales from stores that were liquidated.


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