Tandy Leather Factory, Inc. Reports August 2016 Sales Equal to August 2015 Sales
FORT WORTH, Texas, Sept. 01, 2016 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of August were $6.4 million, equal to August 2015 sales of $6.4 million. Year to date sales were $52.9 million, down 1% compared to sales of $53.6 million in the same period last year.
Retail Leathercraft's sales improved 2% to $4.1 million compared to August 2015 sales of $4.1 million. The 80 comparable stores' sales were up 2% compared to the same period last year. The one new store opened in 2016 added August sales of $105,000. Year-to-date sales for Retail Leathercraft are $34 million this year, equal to sales of $34 million for the same period of 2015. As of the end of August, the 80 comparable stores' sales were also equal to sales reported for the same period in 2015.
Wholesale Leathercraft posted sales of $1.9 million for August, down 5% compared to August 2015 sales of $2.0 million. The 27 same stores' sales were down 3% compared to last year's August sales. For the year to date, Wholesale Leathercraft sales are $16.3 million, decreasing 5% from sales of $17.1 million for the same period a year ago. As of the end of August, same store sales were down 3% compared to the same period last year.
International Leathercraft reported August sales of $305,000, up 10% compared to August 2015 sales of $276,000. Same store sales decreased 6%, with the one new store opened in October 2015 adding August sales of $46,000. For the year to date, International Leathercraft sales were $2.5 million compared to $2.4 million in 2015, up 3%. As of the end of August, year to date same store sales were down 13% compared to the same period last year.
Chief Executive Officer, Shannon L. Greene, commented, "August sales were in line with expectations, as we had predicated relatively stable volumes. While the market is soft as evidenced by declines in same store sales, our two new stores have provided some support to the top line. Despite the challenging environment, we are moving ahead with our plans to open several new stores before year-end and should have more details to announce soon."
Mark Angus, President, added, "As we enter the Fall season and issue our new catalog, we have been working diligently on new product development and optimum pricing to both grow our customer base and protect our 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.