Retail Stores' Same Sales Down 6%
FORT WORTH, Texas--(BUSINESS WIRE)--Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for the month of January were $4.4 million, a decrease of 4% from $4.6 million last year.
Retail Leathercraft's sales matched that of January 2007, totaling $2.0 million. The 64 comparable stores' sales were down 6% for the month compared to the same period last year. The 8 stores opened since January 2007 added January sales of $122,000.
Wholesale Leathercraft posted sales of $2.3 million for January, down 7% over January 2007 sales of $2.5 million. Within the Wholesale Leathercraft division, the wholesale centers' same store sales were down 10% for the month while the National Account group posted a January sales gain of 2%. Mid-Continent Leather Sales added sales of $59,000 for the month.
Chief Executive Officer and President, Ron Morgan, commented, "Although our goal is always to match or exceed last year's sales and we didn't quite get there in January, we are not surprised by the continued weakness in our sales. As we have stated in both conference calls and previous press releases, we believe positive financial reports in 2008 will be the result of expense control, not sales gains. We reiterate our 2008 earnings guidance of 28 cents per share and will remain focused on controlling our operating expenses in order to meet that goal."
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, 72 Tandy Leather retail stores, located in 32 states and 6 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.
Shannon L. Greene, 817-496-4414
sgreene@tandyleather.com
or
Magellan Fin, LLC
Mark Gilbert, 317-867-2839
MGilbert@MagellanFin.com
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