Tandy Leather Factory, Inc. Sets Monthly Sales Record in December
FORT WORTH, Texas, Jan. 07, 2016 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of December were $9.1 million, up 2% compared to December 2014 sales of $8.9 million. 2015 sales were up 1% to $84.4 million compared to 2014 sales of $83.7 million.
Retail Leathercraft's sales rose 3% to $6.0 million compared to December 2014 sales of $5.8 million. The 82 comparable stores' sales were up 3% for the month compared to the same period last year. 2015 sales for Retail Leathercraft were $53.9 million, a 4% increase over 2014 sales of $52.0 million. The 79 comparable stores' 2015 sales were up 2% compared to sales reported for 2014.
Wholesale Leathercraft posted sales of $2.7 million for December, down 1% or $19,000, compared to December 2014 sales of $2.7 million. Within the Wholesale Leathercraft division, same store sales were down 1/2%. For the year to date, Wholesale Leathercraft sales were $26.8 million, down 2% from sales of $27.4 million for the same period a year ago. The wholesale same store sales were up ½% for the year.
International Leathercraft reported December sales of $374,000, down 7% compared to December 2014 sales of $400,000. Same store sales were down 21%. The one new store opened in October 2015 added sales of $58,000. For the year to date, International Leathercraft sales were $3.7 million compared to $4.3 million in 2014, down 14%. The same store sales were down 17%.
Chief Executive Officer and President, Jon Thompson, commented, "We set a new monthly sales record in December, with sales exceeding $9 million. And we did so without sacrificing gross profit margins. It has been a challenging year, but we finished the year on a high note."
Shannon L. Greene, Chief Financial Officer added, "Foreign currency exchange rates have been a challenge all year. Had this year's rates been consistent with last year's rates, our December sales results would have been even more positive. Specifically, we would be reporting a 4% sales gain for the month, rather than a 2% gain, our Wholesale Leathercraft same stores would be reporting a 1% gain, rather than a ½% loss, and our International Leathercraft stores would be reporting a 2% gain, rather than a 7% loss."
Tandy Leather Factory, Inc., (http://www.tandyleather.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 28 Leather Factory stores, located in 19 states and 3 Canadian provinces, 82 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and four 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.