Tandy Brands Posts 1Q Profit As Sales Rise
ARLINGTON, Texas (AP) ¿ Leather goods maker Tandy Brands Accessories Inc. on Tuesday posted a profit as sales rose.
Tandy, based in Arlington, Texas, also makes eyewear, neckwear, sporting goods and gifts.
The company earned $1.1 million, or 15 cents per share, in the quarter that ended Sept. 30. That compares to a loss of $1.3 million, or 18 cents per share, a year earlier.
Revenue rose 7 percent to $37.2 million from $34.6 million.CEO Rod McGeachy said the company reported its first year-over-year sales increase in three years as the company also benefited from its July acquisition of the Chambers Belt Co. McGeachy also reiterated that the company expects sales growth of 8 percent to 12 percent for fiscal 2010. Tandy also expects to move its corporate headquarters into its distribution center in Dallas by December as part of an overall effort to control costs. Its shares rose 12 cents, or 3 percent, to $4.17 on Tuesday.
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