Tandy Leather Factory, Inc. Reports July 2010 Sales Up 5% Over July 2009
FORT WORTH, Texas, Aug. 5, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of July were $4.6 million, up 5% from $4.3 million in July 2009. Year to date sales are up 8% to $33.5 million in the current year compared to $30.9 million last year.
Retail Leathercraft's sales rose 12% to $2.5 million compared to July 2009 sales of $2.2 million. The 75 comparable stores' sales were up 11% for the month compared to the same period last year. The one store opened since July 2009 added July sales of $18,000. Year-to-date sales for Retail Leathercraft are $17.8 million this year, a 15% increase over sales of $15.5 million for the same period of 2009. For the year, the 74 comparable stores' sales were up 14% compared to sales reported for the same period in 2009.
Wholesale Leathercraft posted sales of $1.9 million for July, down 2% from July 2009 sales of $2.0 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were down 2% for the month while the National Account group's sales were down 8% against July 2009. For the year to date, Wholesale Leathercraft sales are $14.8 million compared to $14.4 million in 2009, up 3%. As of the end of July, the wholesale stores' sales were up 5% compared to the same period last year while the National Account group's sales are down 10%.International Leathercraft's sales rose 46% to $153,000 in the current month compared to July 2009 sales of $104,000. Year-to-date sales are $928,000 this year, a 31% increase over sales of $707,000 for the same period of 2009. International Leathercraft consists of one store located in the UK. Chief Executive Officer and President, Jon Thompson, commented, "With 1/3 of the third quarter complete, both our retail division and our U.K. store numbers look great-each reporting double-digit sales gains for the month. And even better than that, the retail stores have run double-digit gains in ten of the last twelve months and the UK store has run double-digit gains for more than two years. While July sales were off on the wholesale side by 2%, the loss was mostly attributable to a handful of stores that were unable to anniversary a couple of sales from last year."
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