Tandy Leather Factory Reports October 2012 Sales Up 11% Over October 2011
FORT WORTH, Texas, Nov. 1, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq: TLF) reported today that sales for the month of October were $6.0 million, up 11% compared to October 2011 sales of $5.4 million. Year to date sales are up 10% to $58.0 million in the current year from $52.8 million last year.
Retail Leathercraft's sales rose 18% to $3.6 million compared to October 2011 sales of $3.1 million. All 77 stores are considered comparable stores in October, posting a same store sales increase of 18% over the same period last year. Year-to-date sales for Retail Leathercraft are $33.6 million this year, a 14% increase over sales of $29.4 million for the same period of 2011. As of the end of October, the 76 comparable stores' sales were up 13% compared to sales reported for the same period in 2011.
Wholesale Leathercraft posted sales of $2.1 million for October, down 1% compared to October 2011 sales of $2.2 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 8% for the month while the National Account group's sales were down 71% from October 2011. For the year to date, Wholesale Leathercraft sales are $21.8 million compared to $21.6 million in 2011, up 1%. As of the end of October, the wholesale same store sales were up 5% compared to the same period last year and the National Account group's sales are down 38%.
International Leathercraft reported October sales of $269,000, up 44% compared to October 2011 sales of $187,000. October same store sales, consisting of the UK and Australia stores, were up 25% compared to October 2011, while the new Spain store, opened in January 2012, added October sales of $35,000. For the year to date, International Leathercraft sales were $2.6 million compared to $1.7 million in 2011, up 50%. As of the end of October, same store sales were down 2% compared to the sales reported for the same period in 2011.
Chief Executive Officer and President, Jon Thompson, commented, "Sales were strong in October as we achieved a double-digit sales gain compared to October last year. The new products in our catalog that was released at the beginning of the month have been well received by our customers and we are looking forward to a solid fourth quarter. Our Australia store is a year old this month and is performing well as it continues to build its customer base and sales."
Shannon L. Greene, Chief Financial Officer added, "We are optimistic about the fourth quarter, despite the continued uncertainty of the economy. The recent storms will have an impact on retailers, but fortunately for us, we only have one store with damage. We hope to get it re-opened in the next few weeks."
Tandy Leather Factory, Inc. (http://www.tandyleatherfactory.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 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 77 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and three 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.
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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.