Tandy Leather Factory Reports June 2013 Sales Up 7% Over June 2012
FORT WORTH, Texas, July 11, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of June were $5.9 million, up 7% compared to June 2012 sales of $5.5 million. Year to date sales are up 10% to $38.3 million in the current year from $35.0 million last year.
Retail Leathercraft's sales rose 9% to $3.5 million compared to June 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 June 2012 added June sales of $35,000. Year-to-date sales for Retail Leathercraft are $22.9 million, a 14% increase over sales of $20.1 million for the same period of 2012. As of the end of June, the 77 comparable stores' sales were up 13% compared to sales reported for the same period in 2012.
Wholesale Leathercraft posted sales of $2.1 million for June, up 3% compared to June 2012 sales of $2.0 million. Within the Wholesale Leathercraft division, compared to June 2012, the wholesale same store sales were down 4% and the National Account group's sales were up 248%. National Account sales were $188,000 for the month compared to $54,000 in June last year. For the year to date, Wholesale Leathercraft sales are $13.5 million, up 1% from last year's sales of $13.4 million. As of the end of June, the wholesale same store sales were up 4% compared to the same period last year and the National Account group's sales were down 35%.
International Leathercraft reported June sales of $272,000, up 13% compared to June 2012 sales of $242,000. For the year to date, International Leathercraft sales were $2.0 million compared to $1.5 million last year, up 31%. 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, "Overall, our sales were solid in June, although we had several wholesale stores with sales declines, which is the cause of the negative same store sales for that segment. They were up against very strong comps from June last year and will be again in July. The retail and international stores continue their positive sales trends. We expect the volatility in our National Account sales to continue, but their sales are such a small part of our total sales, the impact is minimal, whether positive or negative."
Shannon L. Greene, Chief Financial Officer added, "We ended our second quarter with solid sales, reporting a 12% increase compared to last year's second quarter. All three segments achieved same store sales gains. Our third quarter is historically the weakest sales quarter of our year, although last year's third quarter was an exception. Regardless, our goal is always to meet or beat last year's results and we will be working diligently to make that happen."
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 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.