Tandy Leather May Sales Decline 6 Percent
FORT WORTH, Texas (AP) ¿ Tandy Leather Factory Inc., a specialty leather retailer and wholesale distributor, said Thursday sales in May declined 6 percent to $4.3 million.
So far this year, total sales have fallen 2 percent to $22.1 million.
Sales at its Retail Leathercraft unit rose 5 percent to $2.1 million, and same-store sales rose 3 percent. Same-store sales measure sales at stores open more than one year.
Sales at Wholesale Leathercraft declined 19 percent to $1.9 million."May is a continuation of the same story ¿ retail is trending positive; wholesale is trending negative," Chief Executive Ron Morgan said in a statement. The company, which is based in Fort Worth, Texas, said it is trimming operating expenses. There was one less selling day last month, but the company said it still would have recorded a 3 percent decline in sales even if selling days were equal. Shares were unchanged at $2.35 in afternoon trading.
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