Wilsons The Leather Experts Inc announced results for the third quarter ended October 28, 2006. Net sales decreased 15.6 percent to $64.5 million compared to $76.4 million for the same period last year.
Comparable store sales for the third quarter decreased 15.5 percent compared to a decrease of 11.3 percent in the same period last year.
Wilsons Leather reported a net loss for the 2006 third quarter of $14.1 million, or $0.36 per basic and diluted share. This compares to a net loss for the 2005 third quarter of $11.7 million, or $0.30 per basic and diluted share.
Year-to-date sales decreased 14.1 percent to $188.3 million compared to $219.1 million for the same period last year. Comparable store sales for the nine-month period decreased 13.9 percent compared to an increase of 3.1 percent for the same period last year.
The net loss through the end of the third quarter of 2006 was $45.1 million, or $1.15 per basic and diluted share. This compares to a net loss of $29.5 million, or $0.76 per basic and diluted share, through the end of the third quarter of 2005.
Michael Searles, Chairman and Chief Executive Officer, commented, "Our financial performance during the third quarter is reflective of a company that is in the midst of transitioning its customer base."
"We believe that the promotional customer that has always been drawn to our stores is opting out and the higher demographic, fashion focused customer that we are tryingto attract is taking longer than we'd like to come in."
marketing@alchempro.com
