Retail Leathercraft Up 6%, Wholesale Leathercraft Down 12%
Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for
the month of July were $4.2 million compared to $4.3 million in July
2007, down 2%. Year to date sales are down 3% at $31.4 million in the
current year from $32.3 million last year. Tandy's
UK store, which opened in mid-February, reported July sales of $89,000
and $326,000 year-to-date.
Retail Leathercraft posted a 6% sales increase for July, with sales
totaling $2.0 million compared to $1.9 million in July 2007. The 68
comparable stores posted a 3% same store sales gain for the month. The 4
stores opened in or after July 2007 added sales for the month of
$73,000. Year-to-date sales for Retail Leathercraft are $14.5 million
this year, a 3% increase over year-to-date 2007 sales of $14.1 million.
As of the end of July, same store sales were down 2% for the year.
Wholesale Leathercraft posted sales of $2.0 million for July, down 12%
from July 2007 sales of $2.4 million. Within the Wholesale Leathercraft
division, the wholesale stores' same store
sales were down 13% for the month while the National Account group
posted a July sales decline of 7%. For the year to date, Wholesale
Leathercraft sales are $16.0 million compared to $17.5 million in 2007,
a loss of 8%. The stores and National Accounts posted a 9% and 5% sales
decline for the year, respectively.
Chief Executive Officer, Ron Morgan, commented, "Again
this month, as was the case in June, our retail business is fairly
solid, all things considered. It's our
wholesale business that continues to struggle. In looking at the
wholesale stores individually, we had half of the stores with sales
gains and half with sales losses. Unfortunately, the losses more than
offset the gains. As we have mentioned numerous times, this is a tough
environment but we will get through it. It takes a lot of extra effort
and probably more importantly, patience."
Shannon Greene, Chief Financial Officer and Treasurer, added, "Our
Canada stores again outperformed the US stores as they contributed sales
gains in both divisions (Retail and Wholesale). And we continue to be
pleased with the revenue at our UK store. Despite the difficult economic
situation, we are holding our own in most areas of our business."
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 34 states and 5 Canadian provinces, one combination
wholesale/retail store located in the United Kingdom, and Mid-Continent
Leather Sales, one store located in Oklahoma. Its common stock trades on
the American Stock Exchange 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 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.
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 |