Leather outerwear retailer Wilsons Leather announces results for Q1 2005
18 May '05
3 min read
Leading specialty leather outerwear & accessories retailer Wilsons The Leather Experts Inc announced results for the quarter ended April 30, 2005. Net sales decreased 13.7% to $84.3 million compared to $97.8 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 for the first quarter ended April 30, 2005 increased 15.8% compared to a decrease of 2.0% in the same period last year. Comparable store sales for the first quarter of 2004 do not include sales from stores that were liquidated.
Wilsons Leather reported a net loss for the 2005 first quarter of $3.8 million, or $0.10 per basic and diluted share. This compares to a net loss for the 2004 first quarter of $26.8 million, or $1.30 per basic and diluted share.
Included in the results for the 2004 first quarter is a net loss of $14.2 million, or $0.69 per basic and diluted share, primarily related to the transfer of inventory to an independent liquidator in conjunction with the closing of approximately 111 stores, and lease termination costs and accelerated depreciation related to store closings. Net loss for the 2004 first quarter, when adjusted to remove the $14.2 million in charges related to store closings, was $12.6 million, or $0.61 per basic and diluted share.
A reconciliation of the operating loss, net loss and basic and diluted loss per share with and without the charges related to restructuring appears in an accompanying table. Operating loss, net loss and basic and diluted loss per share excluding these restructuring charges are measures of performance that are not defined by U.S. generally accepted accounting principles ("GAAP") and should be viewed in addition to, and not in lieu of, the operating loss, net loss and basic and diluted loss per share as reported on a GAAP basis.
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