Operating loss, net loss and basic and diluted loss per share excluding these restructuring charges are measures of performance that are not defined by U.S. generally accepted accounting principles ("GAAP") and should be viewed in addition to, and not in lieu of, the operating loss, net loss and basic and diluted loss per share as reported on a GAAP basis.
Michael Searles, Chairman and Chief Executive Officer, commented, "We are pleased with our performance during the first quarter of 2005. When we compare our year-over-year first quarter results we gain confidence that the structural changes we made last year have enhanced the productivity of our existing store base and reduced our risk profile. Strong sales in our NASCAR merchandise, unseasonably cool weather in most of our markets and increased levels of inventory helped lift our sales performance during the quarter."
"We continue to be focused on improving our margins and effectively managing expenses. While we are pleased with our results for the first quarter, we recognize that our success for the year will be measured after the fourth quarter. During the upcoming quarters, we will continue to be focused on maintaining our stability while executing strategies to ensure success during the ever important holiday selling season," said Searles.
Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the United States. As of April 30, 2005, Wiearles.
earles.
Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the United States. As of April 30, 2005, Wilsons Leather operated 429 stores located in 45 states, including 307 mall stores, 107 outlet stores and 15 airport stores. The Company regularly supplements its permanent mall stores with seasonal stores during its peak selling season from October through January.
Wilsons The Leather Experts Inc.
marketing@alchempro.com
