Wilsons Leather Oct same store sales plummet 17.4%
07 Nov '05
2 min read
Leather outerwear, accessories and apparel maker Wilsons Leather Experts Inc reported that sales for the four weeks ended October 29, 2005 decreased 18.3 percent to $29.9 million as compared to $36.6 million for the four weeks ended October 30, 2004. 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.
Comparable store sales decreased 17.4 percent for the four weeks ended October 29, 2005; this decrease compares to a 9.4 percent increase in comparable store sales for the four weeks ended October 30, 2004. Year-to-date comparable store sales 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.
Commenting on these results, Michael Searles, Chief Executive Officer, said, "October was a difficult month for Wilsons Leather. Outerwear sales were down significantly due to continued warm weather over most of the country. Comparable store sales during the first three weeks of the month were running negative in the low twenties. When the weather cooled during the last week of the month, comparable store sales rebounded and turned slightly positive. Accessory comparable store sales for the month were positive in mall stores and margin rates for the month were above last year."
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.
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