Tandy Leather Factory, Inc. Reports February 2016 Sales Up 1% From February 2015 Retail SSS Up 2%, Wholesale SSS Down 1%, International SSS Down 8%
FORT WORTH, Texas, March 03, 2016 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of February were $6.8 million, up 1% compared to February 2015 sales of $6.7 million.
Retail Leathercraft's sales increased 2% to $4.4 million compared to February 2015 sales of $4.3 million. The 82 comparable stores' sales were up 2% for the month compared to the same period last year. Year-to-date sales for Retail Leathercraft are $8.7 million this year, equal to 2015 sales for the same period. As of the end of February, the 82 comparable stores' sales matched that of comparable sales for the same period in 2015.
Wholesale Leathercraft posted sales of $2.2 million for February, down 1% from February 2015 sales of $2.2 million. The 28 same stores' sales were down 1% for the month. For the year to date, Wholesale Leathercraft sales are $4.3 million, decreasing 5% over sales of $4.5 million for the same period a year ago. As of the end of February, same store sales were down 5% compared to the same period of 2015.
International Leathercraft reported February sales of $306,000, up 8% compared to February 2015 sales of $282,000. Same store sales were down 8%, with the one new store opened in October 2015 adding February sales of $47,000. For the year to date, International Leathercraft sales were $598,000 compared to $631,000 in 2015, down 5%. As of the end of February, the 3 comparable stores' sales were down 20% compared to sales reported for the same period in 2015.
Interim Chief Executive Officer, Shannon L. Greene, commented, "Our February sales were softer than we prefer, even with the extra selling day. However, we had a number of stores with very strong sales that were able to cover the weaker sales from the other stores. The pressure on international operations continues due to the fluctuation in foreign currency exchange rates compared to a year ago. Had rates matched that of last year, our International Leathercraft sales would have been 5% higher and its same store sales loss would have been cut in half."
Mark Angus, Interim President, added, "The strength and weakness in our domestic sales is spread throughout the country – no region seems to be better or worse than another. Our February gross profit margins were better than a year ago so that is a bright spot in a somewhat challenging retail environment."
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.