Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for
the month of June were $5.0 million, up 11% from $4.5 million in June
2009. Year-to-date sales are up 9% to $28.9 million in the current year
compared to $26.6 million last year.
Retail Leathercraft¿s sales rose 23% to $2.8 million compared to June
2009 sales of $2.3 million. The 74 comparable stores¿ sales were up 21%
for the month compared to the same period last year. The two stores
opened since June 2009 added June sales of $49,000. Year-to-date sales
for Retail Leathercraft are $15.3 million this year, a 16% increase over
sales of $13.3 million for the same period of 2009. For the year, the 74
comparable stores¿ sales were up 14% compared to sales reported for the
same period in 2009.
Wholesale Leathercraft posted sales of $2.0 million for June, down 2%
from June 2009 sales of $2.1 million. Within the Wholesale Leathercraft
division, the wholesale stores¿ sales were up 2% for the month while the
National Account group¿s sales were down 28% against June 2009. For the
year to date, Wholesale Leathercraft sales are $12.9 million compared to
$12.4 million in 2009, up 4%. As of the end of June, the wholesale
stores¿ sales were up 7% compared to the same period last year while the
National Account group¿s sales are down 10%.
International Leathercraft¿s sales rose 27% to $154,000 in the current
month compared to June 2009 sales of $122,000. Year-to-date sales are
$776,000 this year, a 29% increase over sales of $603,000 for the same
period of 2009. International Leathercraft consists of one store located
in the UK.
Chief Executive Officer and President, Jon Thompson, commented, ¿June
was another very strong sales month for us. The stores, both retail and
wholesale, are performing very well. The one negative aspect of our June
sales was the decline in our National Account group. While we are not
satisfied with the decline from this group, we believe the stores,
rather than National Accounts, represent the greatest potential for
continued and consistent growth.¿
Shannon L. Greene, Chief Financial Officer, added, ¿We completed the
second quarter with great strength, reporting an 8% sales gain for the
quarter and sales gains in all three divisions. We are especially
pleased with the same store comparables for the quarter of 14% in the
retail stores and 4% in the wholesale stores.¿
Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.com),
headquartered in Fort Worth, Texas, is a specialty retailer and
wholesale distributor of a broad product line including leather,
leatherworking tools, buckles and adornments for belts, leather dyes and
finishes, saddle and tack hardware, and do-it-yourself kits. The Company
distributes its products through its 29 Leather Factory stores, located
in 19 states and 3 Canadian provinces, 76 Tandy Leather retail stores,
located in 36 states and 6 Canadian provinces, one combination
wholesale/retail store located in the United Kingdom, and Mid-Continent
Leather Sales, one store located in Oklahoma. Its common stock trades on
the Nasdaq with the symbol "TLF." To be included on Tandy Leather
Factory¿s email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
This news release may contain statements regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results that are considered ¿forward-looking statements¿ as defined in
the Private Securities Litigation Reform Act of 1995. Actual results and
events may differ from those projected as a result of certain risks and
uncertainties. These risks and uncertainties include but are not limited
to: changes in general economic conditions, negative trends in general
consumer-spending levels, failure to realize the anticipated benefits of
opening retail stores; availability of hides and leathers and resultant
price fluctuations; change in customer preferences for our product, and
other factors disclosed in our filings with the Securities and Exchange
Commission.These forward-looking statements are made only as of
the date hereof, and except as required by law, we do not intend to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
