<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM WILSONS THE
LEATHER EXPERTS INC. AND SUBSIDIARIES AS OF JANUARY 31, 1998 AND FOR THE
THIRTEEN AND FIFTY-TWO WEEK PERIODS ENDED JANUARY 31, 1998 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   YEAR
<FISCAL-YEAR-END>                          JAN-31-1998             JAN-31-1998
<PERIOD-START>                             NOV-02-1997             FEB-02-1997
<PERIOD-END>                               JAN-31-1998             JAN-31-1998
<CASH>                                           6,281                   6,281
<SECURITIES>                                   106,694                 106,694
<RECEIVABLES>                                   10,937                  10,937
<ALLOWANCES>                                     3,927                   3,927
<INVENTORY>                                     77,911                  77,911
<CURRENT-ASSETS>                               198,731                 198,731
<PP&E>                                          28,419                  28,419
<DEPRECIATION>                                   3,237                   3,237
<TOTAL-ASSETS>                                 227,672                 227,672
<CURRENT-LIABILITIES>                           78,526                  78,526
<BONDS>                                         75,000                  75,000
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                            95                      95
<OTHER-SE>                                      72,557                  72,557
<TOTAL-LIABILITY-AND-EQUITY>                   227,672                 227,672
<SALES>                                        243,446                 418,140
<TOTAL-REVENUES>                               243,446                 418,140
<CGS>                                          140,627                 282,369
<TOTAL-COSTS>                                  180,972                 383,060
<OTHER-EXPENSES>                                   739                  10,788
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                               1,994                   6,434
<INCOME-PRETAX>                                 59,741                  17,858
<INCOME-TAX>                                    23,170                  10,783
<INCOME-CONTINUING>                             36,571                   7,075
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                   3,763
<CHANGES>                                            0                       0
<NET-INCOME>                                    36,571                  10,838
<EPS-PRIMARY>                                     3.84<F1>                1.22<F1>
<EPS-DILUTED>                                     3.35<F2>                1.04<F2>
<FN>
<F1>(1) Represents Basic EPS as defined under SFAS 128.
<F2>(2) Represents Diluted EPS as defined under SFAS 128.
        

</TABLE>