"The men's division was down 15.2 percent, women's was down 10.2 percent and accessories were down 19.1 percent. Mall stores were down 23.5 percent and outlets were down 5.6 percent."
Searles continued, "Despite poor performance when compared to last year, our balance sheet has maintained improvement over last year. Our cash balance at the end of the quarter was $12.6 million and compares to an outstanding balance under a revolving line of credit of $13.0 million at the end of the quarter last year. Total inventory at the end of the quarter, including in transit inventory, is 30.7 percent below last year."
"We will consider any improvement over our 2005 fourth quarter comparable store sales decrease of 10.0 percent to be some evidence that our strategies are beginning to take hold."
"Remember, this is a multi-year strategy - we are in year one with our most important season upon us. We are excited about the course Wilsons Leather is taking."
"The work being done will impact the future of Wilsons Leather and we hope that it will result in sustainable long-term growth for our shareholders."
Wilsons The Leather Experts Inc
marketing@alchempro.com
