Tandy Leather Factory, Inc. Reports 11% Sales Increase in July |
Retail Leathercraft Reports 17% Sales Increase and 11% Same Store
Sales Gain
FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 2, 2007--Tandy Leather Factory, Inc. (AMEX:TLF) reported today that sales for the month of July were $4.3 million, an increase of 11% from $3.9 million last year. Year-to-date sales are up 2% to $32.4 million in the current year from $31.7 million last year.
Retail Leathercraft posted a 17% sales increase for July, with sales totaling $1.9 million compared to $1.6 million in July 2006. The 61 comparable stores posted an 11% same store sales gain for the month. The 9 stores opened since June 2006 added July sales of $121,000. Year-to-date sales for Retail Leathercraft are $14.1 million this year, a 14% increase over sales of $12.3 million for the same period of 2006. As of the end of July, the same store sales gain for the 53 comparable stores is 3% for the year.
Wholesale Leathercraft posted sales of $2.3 million for July, up 6% from July 2006 sales of $2.2 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were up 5% for the month while the National Account group posted a July sales decline of 16%. Mid-Continent Leather Sales, a new store acquired on February 1, added sales of $55,000 for the month. For the year to date, Wholesale Leathercraft sales are $17.5 million compared to $18.0 million in 2006, a loss of 3%. The comparable wholesale stores posted a 4% sales decline for the year and National Accounts reported a 12% sales decline. Mid-Continent's year-to-date sales were $446,000.
Chief Executive Officer and President, Ron Morgan, commented, "July sales are encouraging - in both divisions. I'm pleased with the retail stores, but am even more pleased with the wholesale stores. The Wholesale Leathercraft division is where we have really struggled this year and I'm glad to see such a strong performance from them. The key will be to continue to build on the momentum from July."
Shannon Greene, Chief Financial Officer, added, "We are not pleased with our second quarter earnings. We didn't tighten up enough on expenses to match the sales. However, if July is any indication of our performance in the last half of the year, I believe we can make up some of the weakness in sales and earnings from the first half. We will certainly be focusing our efforts toward that end."
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, 68 Tandy Leather retail stores, located in 32 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, CEO, 817-496-4414
or
Shannon L. Greene, CFO, 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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Aug 02, 2007 |
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