Tandy Leather Factory, Inc. Reports January 2011 Sales Up 12% Over January 2010
FORT WORTH, Texas, Feb. 3, 2011 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (AMEX:TLF) reported today that sales for the month of January were $5.1 million, up 12% compared to January 2010 sales.
Retail Leathercraft's sales rose 20% to $2.7 million compared to January 2010 sales of $2.3 million. The 75 comparable stores' sales were up 18% for the month compared to the same period last year. The one store opened since January 2010 added January sales of $29,000.
Wholesale Leathercraft posted sales of $2.2 million for January, up 2% over January 2010 sales of $2.1 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were up 1% for the month and the National Account group's sales were up 9%.International Leathercraft, which consists of one store in the UK, reported January sales of $160,000, a 44% increase over sales of $112,000 in January 2010. Chief Executive Officer and President, Jon Thompson, commented, "2011 has started off well as the strong sales trends continue from 2010. The increase in store inventory is having a positive impact on sales but we will continue to monitor those levels closely throughout the year." Shannon L. Greene, Chief Financial Officer, added, "The wholesale store sales comparisons will be negatively impacted this year, albeit minimally, by the closing of Mid-Continent Leather Sales in the fourth quarter of last year. We still believe we made the right decision to close it because it was not profitable. We always want sales, but in our opinion, sales without earnings is not our definition of good performance." Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.com), headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 76 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and one combination wholesale/retail store located in the United Kingdom. Its common stock trades on the Nasdaq with the symbol "TLF". To be included on Tandy Leather Factory's email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0. The Tandy Leather Factory, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7760 This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Shannon L. Greene Tandy Leather Factory, Inc. (817) 872-3200 firstname.lastname@example.org Mark Gilbert Magellan Fin, LLC (317) 867-2839 MGilbert@MagellanFin.com
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