Tandy Leather Factory, Inc. Reports January 2016 Sales Down 5% From January 2015
FORT WORTH, Texas, Feb. 04, 2016 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of January were $6.7 million, down 5% compared to January 2015 sales of $7.0 million.
Retail Leathercraft's sales declined 2% to $4.3 million compared to January 2015 sales of $4.4 million. The 82 comparable stores' sales were down 2% for the month compared to the same period last year. All stores in the segment have been opened for both periods, so same store sales for the month were the same as the segment's sales.
Wholesale Leathercraft posted sales of $2.1 million for January, down 8% from January 2015 sales of $2.3 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were down 8% for the month. All stores in the segment have been opened for both periods, so same store sales for the month were the same as the segment's sales.
International Leathercraft reported January sales of $293,000, down 16% compared to January 2015 sales of $349,000. Same store sales were down 30%. One new store opened in October 2015 added January sales of $48,000.
Chief Executive Officer and President, Jon Thompson, commented, "We haven't started the year as well as we would like. However, there were two things working against us in January: one less selling day compared to last year and the negative impact of the strong US dollar on our international operations. We will pick up the selling day in February."
Chief Financial Officer and Treasurer, Shannon Greene, added, "The year begins with continued pressure on comparisons to last year due to the fluctuation in foreign currency exchange rates. Had rates matched that of last year, our consolidated sales would be down 3% rather than 5% and our International segment's same store sales would be down 24% rather than down 30%."
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.