Tandy Leather Factory Reports April 2013 Sales Up 23% Over April 2012
Retail SSS Up 23%; Wholesale SSS Up 13%; International SSS Up 82%
FORT WORTH, Texas, May 9, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of April were $7.3 million, up 23% compared to April 2012 sales of $5.9 million. Year to date sales are up 11% to $26.6 million in the current year from $23.9 million last year.
Retail Leathercraft's sales rose 24% to $4.3 million compared to April 2013 sales of $3.5 million. The 77 comparable stores' sales were up 23% compared to the same period last year. The one store opened after April 2012 added April sales of $50,000. Year-to-date sales for Retail Leathercraft are $15.9 million, a 17% increase over sales of $13.7 million for the same period of 2012. As of the end of April, the 77 comparable stores' sales were up 15% compared to sales reported for the same period in 2012.
Wholesale Leathercraft posted sales of $2.5 million for April, up 14% compared to April 2012 sales of $2.2 million. Within the Wholesale Leathercraft division, compared to April 2012, the wholesale same store sales were up 13% and the National Account group's sales were up 58%. For the year to date, Wholesale Leathercraft sales are $9.3 million, even with sales for the same period last year. As of the end of April, the wholesale same store sales were up 6% compared to the same period last year and the National Account group's sales were down 58%.
International Leathercraft reported April sales of $400,000, up 82% compared to April 2012 sales of $219,000. For the year to date, International Leathercraft sales were $1.4 million compared to $954,000 in 2012, up 42%. All three stores in the segment have been opened for both periods, so same store sales for the month and year to date were the same as the segment's sales.
Chief Executive Officer and President, Jon Thompson, commented, "We have started our second quarter with tremendous momentum. We hosted our third annual open house – a company-wide two-day event – and achieved a 53% sales gain over last year's event. Sales from the event were $1.5 million this year, up from $1 million last year – a clear success. In addition, we were able to achieve the sales without sacrificing gross profit margins."
Shannon L. Greene, Chief Financial Officer added, "Excluding the gains from the open house and the extra selling day this month, we still ran a 10% sales gain, which is great. We are investing heavily in advertising internationally in order to continue the growth of our international customer base. So far, the sales generated in our three international stores suggest a solid return on that investment as their sales, compared to last year, were 82% higher in April and 42% higher year to date."
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, 78 Tandy Leather retail stores, located in 37 states and 6 Canadian provinces, and three combination wholesale/retail stores located in the United Kingdom, Australia and Spain. 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.
CONTACT: Shannon L. Greene, Tandy Leather Factory, Inc.
(817) 872-3200 or firstname.lastname@example.org
Mark Gilbert, Magellan Fin, LLC
(317) 867-2839 or MGilbert@MagellanFin.com