Tandy Leather Factory, Inc. Reports April Sales - Flat Against April 2006 |
Retail Leathercraft Reports 15% Sales Increase and 5% Same Store
Sales Gain
FORT WORTH, Texas--(BUSINESS WIRE)--May 3, 2007--Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for the month of April were $4.3 million, the same as that of April last year. Year to date sales are up 1% to $18.9 million in the current year from $18.7 million last year.
Retail Leathercraft posted a 15% sales increase for April, with sales totaling $1.9 million compared to $1.7 million in April 2006. The 56 comparable stores posted a 5% same store sales gain for the month. The 11 stores opened since March 2006 added April sales of $187,000. Year-to-date sales for Retail Leathercraft are $8.2 million this year, a 14% increase over sales of $7.2 million for the same period of 2006. As of the end of April, the same store sales gain for the 53 comparable stores is 2% for the year.
Wholesale Leathercraft posted sales of $2.2 million for March, down 8% from March 2006 sales of $2.4 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 5% for the month while the National Account group posted a March sales decline of 39%. Mid-Continent Leather Sales added sales of $81,000 for the month. For the year to date, Wholesale Leathercraft sales are $10.2 million compared to $10.6 million in 2006, a loss of 4%. The comparable wholesale stores posted a 6% sales decline for the year, while National Accounts sales were down 8%. Mid-Continent's year-to-date sales were $261,000.
Chief Executive Officer and President, Ron Morgan, commented, "I am fairly pleased with sales at the Tandy retail stores and a 5% same store sales gain is encouraging. Weak leather sales are still affecting the Leather Factory stores but we're beginning to see signs of that trend reversing. The National Account group had a tough month due primarily to the timing of customer orders. We are in close communication with those customers regarding their product requirements and ordering schedule and believe sales will improve as we move through the quarter."
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, 67 Tandy Leather retail stores, located in 31 states and 4 Canadian provinces, and Mid-Continent Leather Sales, one store located in Oklahoma. Its common stock trades on the American Stock Exchange with the symbol "TLF".
This news release may contain forward-looking statements. All forward-looking statements made here or in other news releases issued by Tandy Leather Factory, Inc. are based on current expectations as of the date of the release. These forward-looking statements involve risks and uncertainties that could cause the results of Tandy Leather Factory, Inc. to differ materially from management's current expectations. Many of these risks and uncertainties are detailed from time to time in TLF's reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q. Investors are reminded that past performance may not be predictive of future results.
CONTACT: Tandy Leather Factory, Inc.
Ron Morgan, 817-496-4414
or
Shannon L. Greene, 817-496-4414
sgreene@tandyleather.com
SOURCE: Tandy Leather Factory, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Tandy Leather Factory, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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May 03, 2007 |
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