Wilsons The Leather Experts Inc reported sales of $15.7 million for the four weeks ended August 4, 2007 as compared to $16.1 million for the four weeks ended July 29, 2006. Year-to-date sales for the Company's stores decreased 18.3% to $101.2 million compared to $123.8 million for the same period last year.
Comparable store sales decreased 2.2% for the four weeks ended August 4, 2007; this decrease compares to an 18.3% decrease in comparable store sales for the four weeks ended July 29, 2006. Year-to-date comparable store sales decreased 17.2% compared to a decrease of 13.0% for the same period last year.
Michael Searles, Chief Executive Officer, commented, "During the month of July, we were highly promotional so that we could make room for our new branded merchandise offering that will begin to arrive in our mall stores next month."
"Increased traffic levels and dollars spent per transaction helped to drive our sales volume. However, increased markdowns were necessary as we cleared out old merchandise so that we could make way for our new branded product."
On Tuesday, August 21, 2007 at 4:30 p.m. (EDT), Wilsons Leather will hold a conference call to discuss the Company's second quarter results, which will be reported in a press release earlier that afternoon. Michael Sweeney, Chairman of the Board, Michael Searles, Chief Executive Officer and Stacy Kruse, Chief Financial Officer, will participate in the call.
While the question-and-answer session of the call will be limited to institutional analysts and investors, retail brokers and individual investors are invited to attend via a live Webcast at earnings.com or by visiting any of the investor sites in Thomson Financial's Individual Investor Network.
Institutional investors can access the call via Thomson Financial's password-protected event management site, StreetEvents. To listen to the Webcast, your computer must have RealPlayer or Windows Media Player installed.
Wilsons The Leather Experts Inc
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