FORT WORTH, TEXAS – The Leather Factory, Inc. (AMEX: TLF), the world's largest specialty retailer and wholesale distributor of leather and leathercraft products, today announced that it had achieved record revenues in January and February of 2004. These revenues come on the heels of the Company's national account renewals with both Michaels Stores and Wal-Mart.
Wray Thompson, Chairman and Chief Executive Officer of The Leather Factory, Inc. commented, "We are excited about continuing our relationships with two of our largest national account retailers of craftrelated products." Mr. Thompson added, "We are now only two months into 2004, and revenues were approximately $8.0 million, representing an almost 17% increase over the first two months of 2003, which doesn't reflect the impact of the national account renewals. With this robust internal growth, combined with our previously stated goal of opening 10 to 15 new retail stores in 2004, we believe our previously announced revenue and earnings guidance are solidly on track for 2004."
The Leather Factory, Inc., (http://www.leatherfactory.com), headquartered in Fort Worth, Texas, is an international marketer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finis hes, shoe repair supplies, saddle and tack hardware, and do-it-yourself kits, and is a manufacturer and distributor of fancy hat trims, leather lacing and kits. The Company distributes its products through sales and distribution units located throughout the U.S. and Canada and through its subsidiary, Tandy Leather Company, via retail stores and mail/telephone/website orders (http://www.tandyleather.com). Its common stock trades on the American Stock Exchange with the symbol "TLF".
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This news release may contain forward-looking statements. All forward-looking statements made here or in other news releases issued by The 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 The 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. In addition, investors should be aware that there are business risks associated with opening a new line of retail stores. These risks include the possibility that stores will not be economically successful or that economic conditions will impede their profitability or that unforeseen events may delay store openings.
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