FORT WORTH, Texas, Sept. 6, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of August were $5.8 million, up 9% compared to August 2011 sales of $5.3 million. Year to date sales are up 10% to $46.6 million in the current year from $42.3 million last year. Retail Leathercraft's sales rose 10% to $3.3 million compared to August 2011 sales of $3.1 million. All 77 stores are considered comparable stores in August, posting a same store sales increase of 10% over the same period last year. Year-to-date sales for Retail Leathercraft are $26.8 million this year, a 14% increase over sales of $23.5 million for the same period of 2011. As of the end of August, the 76 comparable stores' sales were up 13% compared to sales reported for the same period in 2011. Wholesale Leathercraft posted sales of $2.2 million for August, up 4% compared to August 2011 sales of $2.1 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 9% for the month while the National Account group's sales were down 40% from August 2011. For the year to date, Wholesale Leathercraft sales are $17.7 million compared to $17.4 million in 2011, up 2%. As of the end of August, the wholesale same store sales were up 5% compared to the same period last year and the National Account group's sales are down 32%. International Leathercraft reported August sales of $262,000, up 70% compared to August 2011 sales of $154,000. August same store sales, representing the UK store, were equal to that of August 2011, totaling $154,000, while the new Australia and Spain stores, opened in October 2011 and January 2012, respectively, added August sales of $108,000. For the year to date, International Leathercraft sales were $2.0 million compared to $1.4 million in 2011, up 49%. As of the end of August, same store sales were down 3% compared to the sales reported for the same period in 2011.
Chief Executive Officer and President, Jon Thompson, commented, "August adds another month to our positive sales trend with solid sales performance from all three segments. As we have stated in the past, we believe the inventory increase in the stores has contributed significantly to the sales growth. While we will continue to closely monitor the balance between inventory and sales, we do not expect to see a further increase in our inventory investment as we move through the remainder of the year."Shannon L. Greene, Chief Financial Officer added, "Our third quarter is traditionally our weakest sales quarter, followed by second quarter. However, given the sales results so far, this third quarter has the potential to exceed the second quarter sales this year. The last time that happened was more than ten years ago." 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, 77 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and three combination wholesale/retail stores located in the United Kingdom, Australia and Spain. 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 or email@example.com Mark Gilbert, Magellan Fin, LLC (317) 867-2839 or MGilbert@MagellanFin.com