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FORT WORTH, Texas, March 3, 2011 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of February were $5.1 million, up 7% compared to February 2010 sales. Year to date sales are up 9% to $10.2 million in the current year from $9.3 million last year.
Retail Leathercraft's sales rose 12% to $2.8 million compared to February 2010 sales of $2.5 million. The 75 comparable stores' sales were up 10% compared to the same period last year. The one store opened since February 2010 added February sales of $32,000. Year-to-date sales for Retail Leathercraft are $5.6 million this year, a 15% increase over sales of $4.8 million for the same period of 2010. As of the end of February, the 75 comparable stores' sales were up 14% compared to sales reported for the same period in 2010.
Wholesale Leathercraft posted sales of $2.1 million for February, equaling that of February 2010 sales. Within the Wholesale Leathercraft division, the wholesale same store sales were up 3% for the month while the National Account group's sales were down 20% from February 2010. For the year to date, Wholesale Leathercraft sales are $4.3 million compared to $4.2 million in 2010, up 1%. As of the end of February, the wholesale same store sales were up 3% compared to the same period last year and the National Account group's sales are down 5%.
International Leathercraft's sales rose 47% to $172,000 compared to February 2010 sales of $117,000. Year-to-date sales are $332,000 this year, a 45% increase over sales of $229,000 for the same period of 2010. International Leathercraft consists of one store located in the UK.
Chief Executive Officer and President, Jon Thompson, commented, "Our stores are performing well with solid sales results. Our UK store is three years old this month and continues to exceed our expectations. Inventory levels are decreasing as expected so overall, business is good.
Shannon L. Greene, Chief Financial Officer, added, "February is our 24
th month of consecutive year-over-year same store sales gains in our retail stores and our 24
th month of having them in our UK store. In a recovering economy, we continue to do well. As a result, we plan to provide 2011 sales and earnings guidance when we announce our 2010 earnings before the market opens next Monday, including details regarding our 2011 expansion plans."
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
The Tandy Leather Factory, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7760This 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 or firstname.lastname@example.org
Mark Gilbert, Magellan Fin, LLC
(317) 867-2839 or MGilbert@MagellanFin.com