Leather outerwear, accessories and apparel maker Wilsons Leather Experts Inc reported that sales for the four weeks ended November 26, 2005 decreased 15.1 Percent to $41.3 million as compared to $48.6 million for the four weeks ended November 27, 2004.
Year-to-date sales decreased 10.1 Percent to $260.4 million compared to $289.6 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.
Comparable store sales decreased 13.8 Percent for the four weeks ended November 26, 2005; this decrease compares to a 3.1 Percent decrease in comparable store sales for the four weeks ended November 27, 2004. Year-to-date comparable store sales increased 0.1 Percent compared to an increase of 3.3 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.
Commenting on these results, Michael Searles, Chief Executive Officer, said, "Our comparable store sales results for the month were lower than expected. Unfavorable weather patterns impacted our early November sales.
In addition, while our gross margin dollar contribution for the post Thanksgiving week exceeded last year, our sales performance was disappointing. As a result of our improved margin rate when compared to last year, we continue to be cautiously optimistic as we enter the Holiday selling season."
Minneapolis based Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the United States. As of August 27, 2005, Wilsons Leather operated 428 stores located in 45 states, including 305 mall stores, 109 outlet stores and 14 airport stores. The Company regularly supplements its permanent mall stores with seasonal stores during its peak selling season from October through January.
Wilsons Leather Experts Inc
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