Tandy Leather Factory June Sales Fall 4%

Tandy Leather Factory, Inc. TLF disclosed that its sales for June were $6.0 million compared to $6.3 million in the previous year month representing a downtick of 4 percent. The company added that its year-to-date sales were also down 1 percent to $40.4 million from $40.7 million in the same period last year.

Tandy Leather said its Retail Leathercraft's sales fell 5% to $3.9 million from $4.0 million in the comparable month. The company's 80 comparable stores' sales were down 4 percent for the month compared to the same period last. Similarly, its year-to-date sales for Retail Leathercraft were $25.9 million, up 0.4 percent from $25.7 million in the year-ago period. The company's 80 comparable stores' sales were equal to sales for the same period last year.

The company's CEO, Shannon Greene, stated, "Overall, our June sales were disappointing but not unexpected as the retail environment continues to be somewhat choppy. Like other specialty retailers, we are having to compete for every available discretionary dollar the consumer is willing to spend. We are also carefully monitoring foreign currency rates, especially for our UK operations, as we look to the last half of the year. Brexit could have an unfavorable impact on our international sales but it's too early to tell."

Tandy Leather's Wholesale Leathercraft reported sales of $1.9 million for June, down 5 percent from $2.0 million. Its 27 same stores' sales were also down 3 percent. For the year to date, Wholesale Leathercraft sales fell 4 percent to $12.5 million from $13.1 million in the comparable period. Its same store sales fell 3% compared to the same period previous year.

On Wednesday, the stock advanced 2.67 percent.