Leather retailer Wilsons The Leather Experts Inc announced results for the quarter ended April 29th 2006.
The net sales decreased 11.4 percent to $74.7 million compared to $84.3 million for the same period last year. Comparable store sales for the first quarter ended April 29th 2006 decreased 10.8 percent compared to an increase of 15.8 percent in the same period last year.
Wilsons Leather reported a net loss for the 2006 first quarter of $6.5 million, or $0.17 per basic and diluted share. This compares to a net loss for the 2005 first quarter of $3.8 million, or $0.10 per basic and diluted share.
Michael Searles, Chairman and CEO, said, "Our results for the quarter are reflective of a store base that is in a state of transition. We fully expected that the multi-year, multi-format strategy that we have committed ourselves to would be accompanied with growing pains. Sales in the first quarter have reflected this, but we are not taken by surprise, nor are we disheartened.”
“We remain committed to the initiatives we are undertaking and believe that they will move Wilsons Leather into a much stronger position as a company and brand. The process of planning and executing new strategies is slow, but they are beginning to take shape. We are excited about the future of Wilsons Leather," he added further.
Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the United States. It operates 421 stores located in 45 states, including 297 mall stores, 110 outlet stores and 14 airport stores.
Wilsons The Leather Experts Inc
marketing@alchempro.com
