3rd Quarter Earnings to be
Released Later Today
Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for
the month of October were $4.5 million compared to $4.9 million in
October 2007, down 8%. Year-to-date sales are down 4% to $43.9 million
in the current year from $45.8 million last year. Tandy's
UK store, which opened in mid-February, reported October sales of
$110,000 and $670,000 year-to-date.
Retail Leathercraft posted a 3% sales decline for October, with sales
totaling $2.0 million compared to $2.1 million in October 2007. The 72
comparable stores posted a 4% same store sales loss for the month. The
store opened in or after October 2007 added sales for the month of
$25,000. Year-to-date sales for Retail Leathercraft are $20.4 million
this year, a 1% increase over year-to-date 2007 sales of $20.1 million.
As of the end of October, same store sales were down 3% for the year.
Wholesale Leathercraft posted sales of $2.2 million for October, down
15% from October 2007 sales of $2.6 million. Within the Wholesale
Leathercraft division, the wholesale stores'
sales were down 15% for the month while the National Account group
posted an October sales decline of 16%. For the year to date, Wholesale
Leathercraft sales are $22.2 million compared to $24.7 million in 2007,
a loss of 10%. The stores and National Accounts posted an 11% and 7%
sales decline for the year, respectively.
Chief Executive Officer, Ron Morgan, commented, "The
economy continues to impact businesses worldwide and we are not immune
as evidenced by our October sales. We are working on the development of
new or enhanced sales programs – expanding our
product offerings for children and developing a curriculum for
educators, for example - as well as while sticking with proven, more
traditional leather work programs in order to generate sales. And we
will continue to manage expenses closely in order to maximize
profitability given the very difficult retail environment."
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, 73 Tandy Leather retail stores,
located in 35 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, 817-872-3200 sgreene@tandyleather.com or Magellan
Fin, LLC Mark Gilbert, 317-867-2839 MGilbert@MagellanFin.com |