Tandy Leather Factory, Inc. Reports May 2016 Sales Up 3% from May 2015
FORT WORTH, Texas, June 02, 2016 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of May were $6.3 million, up 3% compared to May 2015 sales of $6.1 million. Year to date sales were $34.3 million, equal to sales of the same period last year.
Retail Leathercraft's sales increased 5% to $4.0 million compared to May 2015 sales of $3.8 million. The 80 comparable stores' sales were up 5% for the month compared to the same period last year and the one new store opened in 2016 added May sales of $80,000. One store was closed in April. Year-to-date sales for Retail Leathercraft are $22.0 million this year, up 1% from 2015 sales of $21.7 million. As of the end of May, the 80 comparable stores' sales increased 1% from comparable sales for the same period in 2015.
Wholesale Leathercraft posted sales of $1.91 million for May, down 2% from May 2015 sales of $1.95 million. The 27 same stores' sales matched that of last year's May sales. One store was closed in April. For the year to date, Wholesale Leathercraft sales are $10.7 million, decreasing 4% from sales of $11.1 million for the same period a year ago. As of the end of May, same store sales were down 3% compared to the same period of 2015.
International Leathercraft reported May sales of $306,000, up 13% compared to May 2015 sales of $271,000. Same store sales were down 5%, with the one new store opened in October 2015 adding May sales of $50,000. For the year to date, International Leathercraft sales were $1.6 million, increasing 2% from sales of the same period in 2015. As of the end of May, the 3 comparable stores' sales were down 14% compared to sales reported for the same period in 2015.
Interim Chief Executive Officer, Shannon L. Greene, commented, "In what continues to be a tough retail environment, our May sales results are encouraging. We are right on target with our 2016 revenue guidance at almost half way through the year."
Mark Angus, Interim President, added, "We will continue to focus on maintaining margins as sales growth remains challenging. So far, our plan is working as gross profit margin pressure has eased compared to last year."
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 27 Leather Factory stores, located in 18 states and 3 Canadian provinces, 81 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.