Tandy Leather Factory, Inc. Reports May 2010 Sales Up 3% Over May 2009
Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of May were $4.4 million, up 3% from $4.2 million in May 2009. Year to date sales are up 9% to $23.9 million in the current year compared to $22.1 million last year.
Retail Leathercraft’s sales rose 8% to $2.3 million compared to May 2009 sales of $2.1 million. The 74 comparable stores’ sales were up 7% for the month compared to the same period last year. The two stores opened since May 2009 added May sales of $30,000. Year-to-date sales for Retail Leathercraft are $12.5 million this year, a 14% increase over sales of $10.9 million for the same period of 2009. For the year, the 74 comparable stores’ sales were up 13% compared to sales reported for the same period in 2009.
Wholesale Leathercraft posted sales of $1.9 million for May, up 1% from May 2009 sales of $1.9 million. Within the Wholesale Leathercraft division, the wholesale stores’ sales were up 4% for the month while the National Account group’s sales were down 17% against May 2009. For the year to date, Wholesale Leathercraft sales are $10.8 million compared to $10.3 million in 2009, up 5%. As of the end of May, the wholesale stores’ sales were up 7% compared to the same period last year while the National Account group’s sales are down 7%.
International Leathercraft’s sales rose 17% to $115,000 in the current month compared to May 2009 sales of $98,000. Year-to-date sales are $622,000 this year, a 29% increase over sales of $481,000 for the same period of 2009. International Leathercraft consists of one store located in the UK.Chief Executive Officer and President, Jon Thompson, commented, “All three divisions again reported positive sales results, though May sales weren’t quite as strong as they have been for the first four months of the year. Regardless, our retail division has reported monthly sales gains for eighteen consecutive months, our wholesale division has reported seven months of consecutive sales gains, and our international division has reported sales gains for 27 consecutive months. No matter how you look at it, that is a pretty good trend.”
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