Wilsons Leather announces 66.5% increase in sales
Second quarter results for Wilsons The Leather Experts Inc. showed an increase in net sales from $56.6 million in 2000 to $94.2 million this year. However, comparable store sales were down 7.6% and the company made a net loss of $22.8 million, up from a loss of $15.4 million last year.
Wilsons Leather is the largest specialty retailer of leather garments, travel products and accessories in the US. The company has 751 outlets operating in the US and overseas.
Most of the growth in sales were attributed to the company’s travel-related business which was expanded through the acquisition of Bentley’s Luggage. Joel Waller, Chairman and chief executive officer of Wilsons Leather said "We have taken the appropriate actions to maintain flexibility in managing our business as we navigate through the challenging retail environment. We have successfully cleared excess inventory to make room for our exciting Fall line-up, including the new Venus Williams line. We have also been very focused on keeping costs in-line as evidenced by our improvement in selling, general and administrative expenses as a percentage of net sales. Additionally, we are excited that the travel-related portion of our business has enabled us to further de-seasonalize our business"
