Tandy Leather Factory Reports May 2013 Sales Up 7% Over May 2012
FORT WORTH, Texas, June 6, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of May were $5.9 million, up 7% compared to May 2012 sales of $5.5 million. Year to date sales are up 10% to $32.5 million in the current year from $29.5 million last year.
Retail Leathercraft's sales rose 8% to $3.5 million compared to May 2012 sales of $3.2 million. The 77 comparable stores' sales were up 7% compared to the same period last year. The one store opened after May 2012 added May sales of $38,000. Year-to-date sales for Retail Leathercraft are $19.4 million, a 15% increase over sales of $16.9 million for the same period of 2012. As of the end of May, the 77 comparable stores' sales were up 14% compared to sales reported for the same period in 2012.
Wholesale Leathercraft posted sales of $2.1 million for May, up 3% compared to May 2012 sales of $2.0 million. Within the Wholesale Leathercraft division, compared to May 2012, the wholesale same store sales were up 3% and the National Account group's sales were up 6%. For the year to date, Wholesale Leathercraft sales are $11.4 million, even with sales for the same period last year. As of the end of May, the wholesale same store sales were up 5% compared to the same period last year and the National Account group's sales were down 50%.
International Leathercraft reported May sales of $329,000, up 11% compared to May 2012 sales of $298,000. For the year to date, International Leathercraft sales were $1.7 million compared to $1.3 million, up 34%. All three stores in the segment have been opened for both periods, so same store sales for the month and year to date were the same as the segment's sales.
Chief Executive Officer and President, Jon Thompson, commented, "The second quarter is shaping up nicely as May's sales add another month to our positive sales trend. The international stores continue to show strong sales as the customer bases there grow."
Shannon L. Greene, Chief Financial Officer added, "We are more than halfway through the second quarter and our stores continue to perform well. Further, gross profit margins and inventory levels are in line with our internal targets. We are pleased with the year so far."
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, 78 Tandy Leather retail stores, located in 37 states and 6 Canadian provinces, and three combination wholesale/retail stores located in the United Kingdom, Australia and Spain. Its common stock trades on the Nasdaq with the symbol "TLF". To be included on Tandy Leather Factory's (TLF) 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.
CONTACT: Shannon L. Greene, Tandy Leather Factory, Inc. (817) 872-3200 or firstname.lastname@example.org Mark Gilbert, Magellan Fin, LLC (317) 867-2839 or MGilbert@MagellanFin.com
Source: Tandy Leather Factory, Inc. 2013 GlobeNewswire, Inc.