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Tandy Leather Factory, Inc. Reports January 2013 Sales Up 5% Over January 2012

Stocks in this article: TLF

FORT WORTH, Texas, Feb. 7, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of January were $6.3 million, up 5% compared to January 2012 sales of $6.0 million.

Retail Leathercraft's sales rose 16% to $3.7 million compared to January 2012 sales of $3.2 million. The 77 comparable stores' sales were up 14% for the month compared to the same period last year. The one store opened since January 2012 added January sales of $43,000. 

Wholesale Leathercraft posted sales of $2.2 million for January, down 13% over January 2012 sales of $2.5 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were up 8% for the month and the National Account group's sales were down 82%.   

International Leathercraft reported January sales of $363,000, up 49% compared to January 2012 sales of $244,000. January same store sales, consisting of all three stores that make up the segment, were up 49% compared to January 2012.

Chief Executive Officer and President, Jon Thompson, commented, "2013 has started off well, with all stores performing solidly. Our Spain store is a year old this month and continues to build its business, despite the European economic issues. Our decision to eliminate certain products from our line has resulted in the decline in sales in our National Account group. However, we believe focusing on the expansion of our own store chain, both by increasing the size of our existing stores and opening new ones as appropriate, is our best avenue for company growth."

Shannon L. Greene, Chief Financial Officer added, "The stores continue to offset the sales declines in National Accounts, which supports our belief that our stores are the key to our sales growth. We plan to continue enlarging our stores in existing markets as acceptable space becomes available. We will also continue to invest in our international stores to grow their local customer bases which will add to our overall growth." 

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