Thanksgiving Weekend Sales Up 15% Over 2007
Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for
the month of November were $4.6 million compared to $4.9 million in
November 2007, down 8%. Year to date sales are down 5% to $48.5 million
in the current year from $50.8 million last year. Tandy's UK store,
which opened in mid-February, reported November sales of $83,000 and
$753,000 year-to-date.
Retail Leathercraft posted November sales of $2.2 million, the same as
November 2007. The 72 comparable stores posted a 2% same store sales
loss for the month. The store opened in or after November 2007 added
sales for the month of $30,000. Year-to-date sales for Retail
Leathercraft are $22.6 million this year, a 1% increase over
year-to-date 2007 sales of $22.4 million. As of the end of November,
same store sales were down 3% for the year.
Wholesale Leathercraft posted sales of $2.2 million for November, down
16% from November 2007 sales of $2.6 million. Within the Wholesale
Leathercraft division, the wholesale stores' sales were down 13% for the
month while the National Account group posted a November sales decline
of 40%. For the year to date, Wholesale Leathercraft sales are $24.4
million compared to $27.3 million in 2007, a loss of 11%. The stores and
National Accounts posted an 11% and 10% sales decline for the year,
respectively.
Chief Executive Officer, Ron Morgan, commented, "While our November
sales overall continue their weak trend, we had great success with our
Thanksgiving weekend sales, achieving a 15% sales gain compared to
Thanksgiving weekend of 2007. More specifically, our retail and
wholesale stores posted gains of 12% and 20%, respectively, for those
two days. And most importantly, we earned those sales without
sacrificing profit margins."
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 |