Retail Same Store Sales Flat
Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for
the month of February were $4.3 million, down 2% from that of February
2008. Year to date sales are down 1% to $8.8 million in the current year
from $8.9 million last year.
Retail Leathercraft's sales rose 3% to $2.2 million compared to February
2008 sales of $2.1 million. The 72 comparable stores' sales were flat
for the month compared to the same period last year. The 2 stores opened
since February 2008 added February sales of $49,000. Year-to-date sales
for Retail Leathercraft are $4.3 million this year, a 4% increase over
sales of $4.1 million for the same period of 2008. As of the end of
February, the 72 comparable stores' sales were up almost 2% compared to
sales reported for the same period in 2008.
Wholesale Leathercraft posted sales of $2.0 million for February, down
9% over February 2008 sales of $2.3 million. Within the Wholesale
Leathercraft division, the wholesale centers' sales were down 10% for
the month while the National Account group's sales were flat against
February 2008. For the year to date, Wholesale Leathercraft sales are
$4.1 million compared to $4.6 million in 2008, down 9%.
The UK store, which opened in February 2008 as a combination retail and
wholesale store, added sales of $93,000 for the month and $197,000 for
the year.
Chief Executive Officer, Ron Morgan, commented, "Our retail business
continues to hold its own despite the economic news. Our wholesale
business, however, continues to struggle and I expect that will be the
case all year. Small businesses are really hurting in this extremely
difficult economy and unfortunately, that is our primary wholesale
customer."
Shannon L. Greene, Chief Financial Officer, added, "Despite the economic
news coming out of the UK, our store there continues to do well. We have
been well received at the local trade shows and continue to add to our
customer base daily. We are getting good results from our new website,
running an 8% gain in e-commerce sales this February compared to
February last year. Those sales are handled by our stores based on
geographic proximity to the customer as we consider this another way to
drive customer traffic to our stores via multiple sales channels."
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 |