Wilsons the Leather Experts, Inc has posted a net loss of $25 million or $1.22 per share for the full year 2003. The company attributed the decline to a combination of lower sales – down 8.8% to $521 million, reduced income tax benefits, store liquidations and restructuring charges.

For the fourth quarter, the US, Minneapolis-based company’s net sales fell 11.5% to $268.1 million, however its net income actually rose 416% to $12.4 million.

Joel Waller, chairman and CEO, said: “2003 was a disappointing year for Wilsons Leather. Our number one priority was to improve our operating performance and grow sales and profitability. While we did make significant improvements on the cost side of the business - improving our cash position by 39.3% and reducing our accounts payable balance by 47.6% over 2002 - in the end, we didn't grow the top line and that’s unacceptable. As a result, we are being very aggressive in taking immediate actions to improve our performance and drive sales in 2004.”

For the full year ended January 29 2005, the company anticipates full year net sales in the range of $410-$430 million and a fully diluted loss per share of between $1.33 and $1.68.

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