Retail Same Store Sales Up 5%
Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for
the month of March were $4.6 million, up 4% from that of March 2008.
Year to date sales are now even with 2008 at $13.3 million.
Retail Leathercraft's sales rose 7% to $2.3 million compared to March
2008 sales of $2.1 million. The 72 comparable stores' sales were up 5%
for the month compared to the same period last year. The two stores
opened since March 2008 added March sales of $42,000. Year-to-date sales
for Retail Leathercraft are $6.6 million this year, a 5% increase over
sales of $6.3 million for the same period of 2008. For the year, the 72
comparable stores' sales were up 3% compared to sales reported for the
same period in 2008.
Wholesale Leathercraft posted sales of $2.1 million for March, down 1%
from March 2008 sales of $2.2 million. Within the Wholesale Leathercraft
division, the wholesale centers' sales were down 6% for the month while
the National Account group's sales were up 62% against March 2008. For
the year to date, Wholesale Leathercraft sales are $6.3 million compared
to $6.7 million in 2008, down 7%.
The UK store, which opened in February 2008 as a combination retail and
wholesale store, added sales of $96,000 for the month compared to
$30,000 in March 2008. Year to date sales are $292,000 compared to
$42,000 in 2008.
Chief Executive Officer, Ron Morgan, commented, "We were fairly pleased
with our March sales. A 7% gain in our retail stores is the highest so
far this year and makes our fourth consecutive month of sales gains in
our retail stores. We were especially pleased with the 5% same store
sales gain. While we still had a sales decline in Wholesale in March, it
was the smallest this year at 1%. And the 6% decline in the wholesale
stores, while still a loss, is the lowest so far this year. National
Accounts had a good month as we have gained placement of some additional
items with several customers. We are up against tough comparisons for
April as it was our second highest sales month last year. We have our
work cut out for us to match those numbers although we are certainly
trending in the right direction through the first quarter."
Shannon L. Greene, Chief Financial Officer added, "As a result of the
March sales gain, we ended the first quarter matching the sales of the
first quarter of 2008. Retail ended with a 5% sales gain and a same
store sales gain of 3% for the quarter. Wholesale is still struggling,
ending the quarter with a 7% sales decline. The recent appreciation of
the US dollar against major world currencies has negatively impacted our
Canadian sales when converted to US dollars. Our Canadian stores
actually ran a 4% sales gain in March, but when converted, they had a
16% sales loss. We expect the same issue to arise in the UK going
forward."
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 |