FORT WORTH, Texas, Dec. 2, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of November were $5.9 million, up 15% from $5.2 million in November 2009. Year to date sales are up 9% to $53.7 million in the current year compared to $49.5 million last year. Retail Leathercraft's sales rose 20% to $3.2 million compared to November 2009 sales of $2.7 million. The 75 comparable stores' sales were up 19 for the month compared to the same period last year. The one store opened since November 2009 added November sales of $30,000. Year-to-date sales for Retail Leathercraft are $28.7 million this year, a 15% increase over sales of $24.9 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 $2.6 million for November, up 9% from November 2009 sales of $2.3 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were up 7% from last year's November sales while the National Account group's sales were up 23% compared to November 2009. For the year to date, Wholesale Leathercraft sales are $23.5 million compared to $22.8 million in 2009, up 3%. As of the end of November, the wholesale stores' sales were up 5% compared to the same period last year while the National Account group's sales are down 6%. International Leathercraft's sales rose 26% to $160,000 in the current month compared to November 2009 sales of $127,000. Year-to-date sales are $1.5 million this year, a 29% increase over sales of $1.2 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, "We set a sales record in November – highest sales in one month in our history – and almost hit the $6 million mark. Sales were solid all month, further strengthened by Black Friday and Saturday. We ran a 24% sales gain in those two days, compared to the same two days last year."
Shannon L. Greene, Chief Financial Officer, added, "We had a very strong sales month without sacrificing gross margins, which is important. Our new products have been well-received by our customers which added to the strength in our sales for November. Despite the somewhat cautious spending by consumers, the year has been good for us. We are confident that a month from now, we will set another sales record when we report the highest annual sales in our history."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: Tandy Leather Factory, Inc. Shannon L. Greene (817) 872-3200 email@example.com Magellan Fin, LLC Mark Gilbert (317) 867-2839 MGilbert@MagellanFin.com