Retail Same Store Sales Up 3%
Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for
the month of January were $4.4 million, equal to that of January 2008.
Retail Leathercraft's sales rose 5% to $2.1 million compared to January
2008 sales of $2.0 million. The 72 comparable stores' sales were up 3%
for the month compared to the same period last year. The 2 stores opened
since January 2008 added January sales of $43,000.
Wholesale Leathercraft posted sales of $2.1 million for January, down
10% over January 2008 sales of $2.3 million. Within the Wholesale
Leathercraft division, the wholesale centers' store were down 12% for
the month while the National Account group posted a January sales gain
of 8%.
Chief Executive Officer, Ron Morgan, commented, "Despite what the media
is saying, the retail customer is finding money to spend, even though
they're spending less per ticket. Our retail stores continue to show
relative strength as we start the year and the 3% same store sales gain
is very encouraging. Unfortunately, our wholesale stores continue to
report weak sales. We expect 2009 to be a continuation of 2008 in that
we will measure our success based on maintaining gross profit margins
and controlling expenses, not on sales gains."
Shannon L. Greene, Chief Financial Officer, added, "We rolled out our
new website in January and are getting great feedback from customers on
the new look and ease of use. Coupled with our emails to customers, we
consider our website to be an efficient, cost-effective advertising
method to drive traffic to our stores while also generating sales we
wouldn't otherwise get from customers because of where they live in
relation to our stores. We expect the new site will contribute to our
sales in all channels as more customers become aware of it."
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, 74 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 statements regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results that are considered "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. Actual results and
events may differ from those projected as a result of certain risks and
uncertainties. These risks and uncertainties include but are not limited
to: changes in general economic conditions, negative trends in general
consumer-spending levels, failure to realize the anticipated benefits of
opening retail stores; availability of hides and leathers and resultant
price fluctuations; change in customer preferences for our product, and
other factors disclosed in our filings with the Securities and Exchange
Commission.These forward-looking statements are made only as of
the date hereof, and except as required by law, we do not intend to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
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 |