Wilsons the Leather Experts Inc. announces sales increase
Wilsons The Leather Experts Inc. has reported sales of $32.6 million for the five weeks ended April 2, 2005 for its Wilsons Leather stores compared to $36.1 million for the five weeks ended April 3, 2004.
Year-to-date sales for the company's Wilsons Leather stores decreased 17.7% to $65.7 million compared with $79.9 million for the same period last year. Sales for the month of March 2004 and the prior year-to-date period included approximately $9.2 million and $20.0 million, respectively, in liquidation sales resulting from the transfer of inventory to an independent liquidator.
Comparable store sales increased 27.0% for the five weeks ended April 2, 2005; this increase compares to a 2.6% decrease in comparable store sales for the five weeks ended April 3, 2004. Year-to-date comparable store sales increased 16.6% compared to a decrease of 1.6% for the same period last year. Comparable store sales for the month of March 2004 and the prior year-to-date period do not include sales from the stores that were liquidated.
Commenting on these results, ceo Michael Searles said, "Our performance during the month of March exceeded our internal expectations. The key factors that drove our sales during March were higher inventory levels than the previous year, the shift of Easter from April into March and cooler temperatures. We continue to be pleased with our margin rates."
