Tandy Leather Factory, Inc. Reports July 2016 Sales Down 5% From July 2015 Sales
FORT WORTH, Texas, Aug. 04, 2016 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of July were $6.2 million, down 5% compared to July 2015 sales of $6.5 million. Year to date sales were $46.6 million, down 2% compared to sales of $47.3 million in the same period last year.
Retail Leathercraft's sales fell 4% to $4.0 million compared to July 2015 sales of $4.2 million. The 80 comparable stores' sales were down 3% compared to the same period last year and the one new store opened in 2016 added July sales of $82,000. Year-to-date sales for Retail Leathercraft are $29.9 million this year, equal to that of last year's sales for the same period. As of the end of July, the 80 comparable stores' sales were down 0.3% compared to sales reported for the same period in 2015.
Wholesale Leathercraft posted sales of $1.9 million for July, down 7% compared to July 2015 sales of $2.0 million. The 27 same stores' sales were down 5% compared to last year's July sales. For the year to date, Wholesale Leathercraft sales are $14.5 million, decreasing 5% from sales of $15.2 million for the same period a year ago. As of the end of July, same store sales were down 3% compared to the same period of 2015.
International Leathercraft reported July sales of $267,000, down 15% compared to July 2015 sales of $313,000. Same store sales were decreased 27%, with the one new store opened in October 2015 adding July sales of $40,000. For the year to date, International Leathercraft sales were $2.2 million compared to $2.1 million in 2015, up 2%. As of the end of July, the 3 comparable stores' sales were down 14% compared to sales reported for the same period in 2015.
Chief Executive Officer, Shannon L. Greene, commented, "The decrease in July sales is due to one less selling day compared to last July and continued weakness in sales overall. The international stores really struggled in July, which we will continue to monitor. Despite the soft sales, we are still on track with our annual revenue forecast."
Mark Angus, President, added, "With sales showing consistent weakness overall, we are focused on both product and customer mix, as well as operating expense control, to maximize margins."
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.