Tandy Leather Factory, Inc. Reports June 2010 Sales Up 11% over June 2009
Retail Same Store Sales Up 21%; Wholesale Same Store Sales Up 2%
Press Release Source: Tandy Leather Factory, Inc. On Thursday July 8, 2010, 7:35 am EDT
FORT WORTH, Texas--(BUSINESS WIRE)--Tandy Leather Factory, Inc. (NASDAQ: TLF - News) reported today that sales for the month of June were $5.0 million, up 11% from $4.5 million in June 2009. Year-to-date sales are up 9% to $28.9 million in the current year compared to $26.6 million last year.
Retail Leathercraft’s sales rose 23% to $2.8 million compared to June 2009 sales of $2.3 million. The 74 comparable stores’ sales were up 21% for the month compared to the same period last year. The two stores opened since June 2009 added June sales of $49,000. Year-to-date sales for Retail Leathercraft are $15.3 million this year, a 16% increase over sales of $13.3 million for the same period of 2009. For the year, the 74 comparable stores’ sales were up 14% compared to sales reported for the same period in 2009.
Wholesale Leathercraft posted sales of $2.0 million for June, down 2% from June 2009 sales of $2.1 million. Within the Wholesale Leathercraft division, the wholesale stores’ sales were up 2% for the month while the National Account group’s sales were down 28% against June 2009. For the year to date, Wholesale Leathercraft sales are $12.9 million compared to $12.4 million in 2009, up 4%. As of the end of June, the wholesale stores’ sales were up 7% compared to the same period last year while the National Account group’s sales are down 10%.
International Leathercraft’s sales rose 27% to $154,000 in the current month compared to June 2009 sales of $122,000. Year-to-date sales are $776,000 this year, a 29% increase over sales of $603,000 for the same period of 2009. International Leathercraft consists of one store located in the UK.
Chief Executive Officer and President, Jon Thompson, commented, “June was another very strong sales month for us. The stores, both retail and wholesale, are performing very well. The one negative aspect of our June sales was the decline in our National Account group. While we are not satisfied with the decline from this group, we believe the stores, rather than National Accounts, represent the greatest potential for continued and consistent growth.”
Shannon L. Greene, Chief Financial Officer, added, “We completed the second quarter with great strength, reporting an 8% sales gain for the quarter and sales gains in all three divisions. We are especially pleased with the same store comparables for the quarter of 14% in the retail stores and 4% in the wholesale stores.”
