Tandy Leather Factory Reports September 2013 Sales Up 6% Over September 2012
FORT WORTH, Texas, Oct. 3, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of September were $5.8 million, up 6% compared to September 2012 sales of $5.4 million. Year to date sales are up 9% to $56.9 million in the current year compared to $52.0 million last year.
Retail Leathercraft's sales rose 7% to $3.4 million compared to September 2012 sales of $3.2 million. The 77 comparable stores' sales were up 6% compared to the same period last year. The one store opened after September 2012 added September sales of $37,000. Year-to-date sales for Retail Leathercraft are $34.0 million, a 13% increase over sales of $30.0 million for the same period of 2012. As of the end of September, the 77 comparable stores' sales were up 12% compared to sales reported for the same period in 2012.
Wholesale Leathercraft posted sales of $2.0 million for September, up 3% compared to September 2012 sales of $1.9 million. Within the Wholesale Leathercraft division, compared to September 2012, wholesale same store sales were up 7% while the National Account group's sales were down 43%. National Account sales were $85,000 for the month compared to last year's September sales of $149,000. For the year to date, Wholesale Leathercraft sales are $20.0 million, up 2% from last year's sales of $19.7 million. As of the end of September, the wholesale same store sales were up 4% compared to the same period last year and the National Account group's sales were down 28%.
International Leathercraft reported September sales of $308,000, up 18% compared to September 2012 sales of $262,000. For the year to date, International Leathercraft sales were $2.9 million compared to $2.3 million last year, up 25%. 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, "All segments contributed to our September sales gain, with solid sales from the majority of our stores. We released our new catalog this week and are already receiving positive feedback form customers about the new products being offered."
Shannon L. Greene, Chief Financial Officer added, "We ended our third quarter with a 7% sales gain, compared to last year's third quarter, and all three segments achieved same store sales gains. We are looking forward to continuing that positive trend in the fourth quarter."
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.