Wilsons The Leather Experts Inc announced results for the fourth quarter and full year ended February 3, 2007.
Net sales for the fourth quarter ended February 3, 2007 decreased 25.7% to $133.0 million compared to $178.9 million for the same period last year. Comparable store sales for the fourth quarter decreased 21.6% compared to a decrease of 10.0% in the same period last year. Wilsons Leather reported net income for the 2006 fourth quarter of $12.0 million, or $0.31 per diluted share. This compares to net income for the 2005 fourth quarter of $41.7 million, or $1.04 per diluted share.
Net sales for the year ended February 3, 2007 decreased 19.3% to $321.3 million compared to $398.0 million for the same period last year. Comparable store sales for the full year decreased 17.2% compared to a decrease of 2.9% for the same period last year. The net loss for the year was $33.1 million, or $0.85 per basic and diluted share. This compares to net income of $12.2 million, or $0.30 per diluted share, last year.
Michael Searles, Chairman and Chief Executive Officer, commented, "During the 2006 fiscal year, we embarked on a strategy that we believed, in time, would lead to improved top-line performance. We are disappointed that the fourth quarter did not yield the results we had anticipated from a sales perspective. We missed the mark on improving the top line, and as a result have taken a significant step back from a merchandise margin, bottom line and working capital perspective."
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