Tandy Leather Factory Reports November Sales Down 1% Due to Impact of Foreign Currency Conversion
FORT WORTH, Texas, Dec. 03, 2015 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of November were $8.3 million, down 1% compared to November 2014 sales of $8.4 million. Year to date sales were $75.3 million, up 1% compared to sales of $74.8 million in the same period last year.
Retail Leathercraft's sales increased 1% to $5.4 million compared to November 2014 sales of $5.3 million. The 80 comparable stores' sales equaled that of November last year. The two stores opened since November 2014 added November sales of $90,000. Year-to-date sales for Retail Leathercraft are $47.9 million this year, a 4% increase over sales of $46.2 million for the same period of 2014. As of the end of November, the 79 comparable stores' sales were up 2% compared to sales reported for the same period in 2014.
Wholesale Leathercraft posted sales of $2.6 million for November, down 3% compared to November 2014 sales of $2.7 million. Within the Wholesale Leathercraft division, same store sales were down 3%. For the year to date, Wholesale Leathercraft sales are $24.1 million, down 2% from sales of $24.7 million for the same period a year ago. As of the end of November, the wholesale same store sales were up 1% compared to the same period last year.
International Leathercraft reported November sales of $329,000, down 17% compared to November 2014 sales of $398,000. Same store sales were down 31%. One new store was opened in October 2015 adding sales of $54,000. For the year to date, International Leathercraft sales were $3.3 million compared to $3.9 million in 2014, down 14%. As of the end of November, same store sales were down 16%.
Chief Executive Officer and President, Jon Thompson, commented, "We came close to matching last year's record sales in November, short by less than $100,000. Our Black Friday weekend sales were up slightly with higher margins compared to a year ago so our goal to improve gross margins in this fourth quarter compared to last year has been achieved so far, with one month remaining."
Chief Financial Officer and Treasurer, Shannon L. Greene, added, "Our November sales were better than they look on paper but continue to be negatively impacted by the currency exchange rates this year versus last year. If rates were steady, we would be reporting a 1% sales gain for the month rather than a 1% decline and our International stores would be reporting a 6% decline, rather than a 31% decline. Despite the sales results, gross profit margins were higher in November than a year ago."
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.