US specialty retailer of leather outerwear, accessories and apparel, Wilsons The Leather Experts Inc., has reported a 13.1% decrease in sales in the third quarter ended October 29, 2005. Net sales fell to $76.4 million compared with $87.9 million for the same period last year. Comparable store sales decreased 11.3% compared with an increase of 7.2% in the comparable period of 2004.

The company reported a net loss for the 2005 third quarter of $11.7 million. This compares with a net loss for the 2004 third quarter of $8.5 million. Included in the results for the 2004 third quarter was a net loss of $2.7 million primarily related to lease termination costs, severance, and other restructuring charges related to the closure of 111 stores.

Year-to-date sales decreased 9.1% to $219.1 million compared with $241 million for the same period last year. Sales for the prior year-to-date period included approximately $20.8 million in liquidation sales. On a more positive note, comparable store sales for the nine-month period increased 3.1%.

The net loss for the current nine-month period was $29.5 million. This compares to a net loss of $65.7 million in the first three quarters of 2004.

Michael Searles, chairman and CEO, commented: "We are disappointed in our operating performance during the third quarter of 2005. Our performance was out of step with the momentum we built during the fist six months of the year. Sales during the quarter were significantly affected by weather, which resulted in weak performance across the board. The men's division was down 14.5%, women's down 22.4%, and accessories were up 0.4%. Mall comparable store sales were down 10.0% during the quarter and outlets were down 14.3%."