Specialty leather goods retailer Wilsons The Leather Experts Inc. has reported its results for the first quarter, ended May 4, 2002. Although net sales were up slightly – 1.5% higher at $119.3 million - once again comparable store sales were down, this time by 10.3%. Net losses for the quarter were $14.7 million compared with a $3.7 million loss last year.

The company has suffered a succession of loss-making quarters and recently restructured its debt with a private equity placement and a new credit facility. Joel Waller, Chairman and Chief Executive Officer said he believed the worst was now over for the company and claimed that since mid-April Wilsons stores have been posting steadily improving positive comparable stores sales.

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