FORT WORTH, Texas, Aug. 5, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of July were $4.6 million, up 5% from $4.3 million in July 2009. Year to date sales are up 8% to $33.5 million in the current year compared to $30.9 million last year. Retail Leathercraft's sales rose 12% to $2.5 million compared to July 2009 sales of $2.2 million. The 75 comparable stores' sales were up 11% for the month compared to the same period last year. The one store opened since July 2009 added July sales of $18,000. Year-to-date sales for Retail Leathercraft are $17.8 million this year, a 15% increase over sales of $15.5 million for the same period of 2009. For the year, the 74 comparable stores' sales were up 14% compared to sales reported for the same period in 2009. Wholesale Leathercraft posted sales of $1.9 million for July, down 2% from July 2009 sales of $2.0 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were down 2% for the month while the National Account group's sales were down 8% against July 2009. For the year to date, Wholesale Leathercraft sales are $14.8 million compared to $14.4 million in 2009, up 3%. As of the end of July, the wholesale stores' sales were up 5% compared to the same period last year while the National Account group's sales are down 10%. International Leathercraft's sales rose 46% to $153,000 in the current month compared to July 2009 sales of $104,000. Year-to-date sales are $928,000 this year, a 31% increase over sales of $707,000 for the same period of 2009. International Leathercraft consists of one store located in the UK. Chief Executive Officer and President, Jon Thompson, commented, "With 1/3 of the third quarter complete, both our retail division and our U.K. store numbers look great-each reporting double-digit sales gains for the month. And even better than that, the retail stores have run double-digit gains in ten of the last twelve months and the UK store has run double-digit gains for more than two years. While July sales were off on the wholesale side by 2%, the loss was mostly attributable to a handful of stores that were unable to anniversary a couple of sales from last year."
Shannon L. Greene, Chief Financial Officer, added, "July 2009 was our first sales gain in more than 12 months at that time. We beat that sales gain this year so we are pleased with that result. And as we look to the remainder of the year, I am comfortable that we will beat 2009's sales and earnings, barring some unforeseen event in the overall economy."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, one combination wholesale/retail store located in the United Kingdom, and Mid-Continent Leather Sales, one store located in Oklahoma. 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: Tandy Leather Factory, Inc. Shannon L. Greene (817) 872-3200 email@example.com Magellan Fin, LLC Mark Gilbert (317) 867-2839 MGilbert@MagellanFin.com