NEW YORK — Wilsons The Leather Experts bit the bullet for the continuing difficulties of its El Portal and Bentley’s travel stores in the second quarter.
The combination of operating losses and the one-time effect of an accounting change left the apparel and accessories retailer with a net loss of $51.6 million, or $2.55 a share, in the quarter ended Aug. 3, versus a $22.8 million, or $1.32 a share, loss in the second quarter of last year. In addition to the accounting adjustment, which is a non-cash charge attributable solely to its travel stores, the more recent period included a 6-cent-a-share charge for the relocation of its Las Vegas office to the company headquarters in Minneapolis.
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