The stats on equipment is partly related to the character level. The higher the character level, the better chance that the stats will be in the upper range for that particular piece of equipment.
For example, in a game to try for the lowest level finish, Ariana reloaded a large number of times trying to get a holy weapon with Frost around level 5, but failed. Returning at around level 10, she found it much easier to get a better sword. She hit the gong on level 12 (ending up in the wastelands at 17), then quit.
