Specialty retailer of leather outerwear, accessories and apparel Wilsons The Leather Experts Inc. has reported lower sales for fourth quarter and full-year.

Net sales for the fourth quarter ended January 28, 2006, decreased by 10.6% to $178.9 million compared with $200.1 million for the same period last year. Net sales for the year decreased 9.8% to $398 million compared with $441.1 million for the year ended January 29, 2005.

Comparable store sales in the fourth quarter decreased 10.0% compared with a decrease of 3.8% in the same period last year. Net income also fell to $41.7 million compared with $42.1 million for the fourth quarter of 2004.

Comparable store sales for the full year decreased 2.9% compared with an increase of 0.6% in the same period last year. Net income for the 2005 fiscal year was $12.2 million compared with a net loss of $23.6 million during 2004.

Michael Searles, chairman and CEO, commented, "Sales during the quarter were affected by weather and strong competition from other retailers at our opening price points. The men's division was down 13%, women's was down 14.7%, and accessories were down 1.3%. Mall comparable store sales were down 11.8% during the quarter and outlets were down 6.2%. As our fourth quarter comparable store sales performance has gone down year over year, the pressure on seasonal stores has increased and profits have eroded.”