FORT WORTH, Texas - (Business Wire) Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for the month of October were $4.9 million, up 9% from October 2008 sales of $4.5 million. 2009 year to date sales total $44.3 million, a 1% increase over 2008 year to date sales of $43.9 million. Retail Leathercraft’s sales rose 22% to $2.5 million compared to October 2008 sales of $2.1 million. The 73 comparable stores’ sales were up 20% for the month compared to the same period last year. The 2 stores opened since October 2008 added October sales of $40,000. Year-to-date sales for Retail Leathercraft are $22.3 million this year, a 9% increase over sales of $20.4 million for the same period of 2008. For the year to date, the 72 comparable stores’ sales were up 7% compared to sales reported for the same period in 2008.
Wholesale Leathercraft posted sales of $2.2 million for October, down 3% from October 2008 sales of $2.3 million. Within the Wholesale Leathercraft division, the wholesale centers’ sales were down 1% for the month while the National Account group’s sales were down 16% against October 2008. For the year to date, Wholesale Leathercraft sales are $20.5 million compared to $22.2 million in 2008, down 8%.
International Leathercraft, which consists of one store in the UK, reported October sales of $126,000, a 14% increase over sales of $111,000 in October 2008. For the year to date, 2009 sales for International Leathercraft totaled $1.1 million, a 59% increase over 2008 sales of $670,000. The UK store opened in February 2008 as a combination retail and wholesale store.
Chief Executive Officer and President, Jon Thompson, commented, “Our Retail and International Leathercraft divisions have started the fourth quarter with significant strength. We haven’t seen 20% same store sales gains at the retail stores since 2006 so it is very exciting to see the stores doing so well. Our Wholesale Leathercraft division continues to struggle. However, the sales declines at the wholesale stores are getting smaller so that is somewhat encouraging.”
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, 75 Tandy Leather retail stores, located in 36 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 NYSE Amex 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
