Tandy Leather Factory, Inc. Reports August 2010 Sales Up 7% Over August 2009
FORT WORTH, Texas, Sept. 2, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of August were $4.4 million, up 7% from $4.1 million in August 2009. Year to date sales are up 8% to $37.9 million in the current year compared to $35.0 million last year.
Retail Leathercraft's sales rose 10% to $2.3 million compared to August 2009 sales of $2.1 million. The 75 comparable stores' sales were up 9% for the month compared to the same period last year. The one store opened since August 2009 added August sales of $12,000. Year-to-date sales for Retail Leathercraft are $20.1 million this year, a 15% increase over sales of $17.5 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 $2.0 million for August, up 6% from August 2009 sales of $1.9 million. Within the wholesale Leathercraft division, the wholesale stores' sales were up 6% for the month and the National Account group's sales were up 11% compared to August 2009. For the year to date, Wholesale Leathercraft sales are $16.8 million compared to $16.3 million in 2009, up 3%. As of the end of August, the wholesale stores' sales were up 5% compared to the same period last year while the National Account group's sales are down 8%.International Leathercraft's sales rose 1% to $115,000 in the current month compared to August 2009 sales of $113,000. Year-to-date sales are $1.0 million this year, a 27% increase over sales of $820,000 for the same period of 2009. International Leathercraft consists of one store located in the UK. Chief Executive Officer and President, Jon Thompson, commented, "August was a good month for us as all three divisions reported sales gains for the month. I am especially pleased with the wholesale stores as they came back strong in August from a somewhat weak July. August was International Leathercraft's first month of single-digit sales gain since it opened, reporting only a 1% gain. However, we gave up more than 5% in sales there due to currency fluctuation."
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