Wilsons The Leather Experts Reports Strong December Sales.MINNEAPOLIS--(BUSINESS WIRE)--Jan. 8, 1998-- Wilsons The Leather Experts Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : WLSN and WLSNW), a specialty retailer of leather apparel and accessories, today reported comparable store sales for December December: see month. increased 11.3 percent. Total sales for the five week period ending January January: see month. 3, 1998 were $151.0 million, compared to $136.9 million for the prior year period, an increase of 10.3 percent. "We are extremely pleased with our performance during December as our core mall-based stores generated strong comparable store sales increases in the majority of our markets," said Joel Waller, Wilsons' chairman and chief executive officer. "In addition our temporary mall-based holiday business generated strong double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" sales increases. This performance reflects a merchandise offering that was very well received by our customers with all categories performing solidly, led by Ladies outerwear. More precisely assorting our mix of outerwear for our fashion and basic customer by market, was a principal factor allowing us to achieve these increases while maintaining our planned level of markdowns." Total sales for the forty-eight week period ended January 3, 1998, were $383.9 million compared to $394.3 million for the previous year, as Wilsons operated on average 22 fewer stores than last year. Comparable store sales for the same period were flat. Wilsons is the leading specialty retailer of men's and women's leather outerwear, apparel and accessories in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Wilsons operates 470 stores in 44 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and England under the names "Wilsons The Leather Experts(TM)," "Tannery West(R) and "Georgetown Leather Design(R)." Wilsons regularly supplements its mall-based operations with holiday stores and seasonal kiosks during its peak selling period from October through December and operated 300 of these stores this year. Except for historical information, matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include: declines in comparable store sales; future losses; changes in consumer preferences and fashion trends away from leather; economic downturns; heavy dependence on the holiday selling season; high levels of Company debt and restrictions imposed by lenders; limited operating history as a stand-alone Company stand-alone company An independent operating firm. For example, a large diversified firm may consider spinning off a subsidiary because, as a stand-alone company, the subsidiary would command a higher price-earnings ratio than the parent. ; risks associated with foreign contract manufacturing and importing; increased competition in the retail leather apparel and accessories industry; risks associated with future growth; decreased availability and increased cost of raw materials; loss of key personnel; and volatile stock price and market. CONTACT: Wilsons The Leather Experts Inc., Minneapolis Douglas J. Treff 612/391-4506 Fax: 612-391-4906 |
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