After you shut down 111 stores you should only have your best stores left. Why were same store sales up only 3.9%. Looking at the chart the stock has run out of gas & can not get through 6.. Time will tell who is right.
Yes, YTD they are only up 3.9%, but keep in mind that at the end of May they had YTD negative comp's. The turn-around began at the end of June with their clearance event, which consisted mostly of engineered clearance (see press release from July 8). WLSN is very seasonal, the month of May equals less than one week in December. The holiday season can make or break WLSN. Nothing matters until December numbers come in. They can be running positive comps all year and if they don't make December it's all over and they post negative comps for the year. We will know who is right in January 2005.
Do some research and see what management has done to turn the company around. If you take out restructuring costs, WLSN should come in around breakeven this year. They should easily make a profit (who knows how much)next year. Look at WLSN's competitors. Most have Price to sales of anywhere from 1 to 4. Wlsn has a p/s of .25. It has a long way to go.