Tandy Leather Factory, Inc. Reports October 2010 Sales Up 5% Over October 2009
FORT WORTH, Texas, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of October were $5.1 million, up 5% from $4.9 million in October 2009. Year to date sales are up 8% to $47.8 million in the current year compared to $44.3 million last year.
Retail Leathercraft's sales rose 11% to $2.8 million compared to October 2009 sales of $2.5 million. The 75 comparable stores' sales were up 10% for the month compared to the same period last year. The one store opened since October 2009 added October sales of $20,000. Year-to-date sales for Retail Leathercraft are $25.4 million this year, a 14% increase over sales of $22.3 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 $2.1 million for October, down 3% from October 2009 sales of $2.2 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were even with last year's October sales while the National Account group's sales were down 25% compared to October 2009. For the year to date, Wholesale Leathercraft sales are $21.0 million compared to $20.5 million in 2009, up 2%. As of the end of October, the wholesale stores' sales were up 4% compared to the same period last year while the National Account group's sales are down 9%.International Leathercraft's sales rose 49% to $188,000 in the current month compared to October 2009 sales of $126,000. Year-to-date sales are $1.4 million this year, a 29% increase over sales of $1.1 million for the same period of 2009. International Leathercraft consists of one store located in the UK. Chief Executive Officer and President, Jon Thompson, commented, "October sales were not quite as strong as the last several months but we are still off to a good start as we begin the fourth quarter. We brought in a lot of new inventory in the third quarter in anticipation of our new catalog, which was available October 1st. We are expecting the new items will be strong sellers in this final quarter of the year."
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