FORT WORTH, Texas, Sept. 2, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of August were $4.4 million, up 7% from $4.1 million in August 2009. Year to date sales are up 8% to $37.9 million in the current year compared to $35.0 million last year.
Retail Leathercraft's sales rose 10% to $2.3 million compared to August 2009 sales of $2.1 million. The 75 comparable stores' sales were up 9% for the month compared to the same period last year. The one store opened since August 2009 added August sales of $12,000. Year-to-date sales for Retail Leathercraft are $20.1 million this year, a 15% increase over sales of $17.5 million for the same period of 2009. For the year, the 74 comparable stores' sales were up 13% compared to sales reported for the same period in 2009.
Wholesale Leathercraft posted sales of $2.0 million for August, up 6% from August 2009 sales of $1.9 million. Within the wholesale Leathercraft division, the wholesale stores' sales were up 6% for the month and the National Account group's sales were up 11% compared to August 2009. For the year to date, Wholesale Leathercraft sales are $16.8 million compared to $16.3 million in 2009, up 3%. As of the end of August, the wholesale stores' sales were up 5% compared to the same period last year while the National Account group's sales are down 8%.
International Leathercraft's sales rose 1% to $115,000 in the current month compared to August 2009 sales of $113,000. Year-to-date sales are $1.0 million this year, a 27% increase over sales of $820,000 for the same period of 2009. International Leathercraft consists of one store located in the UK.
Chief Executive Officer and President, Jon Thompson, commented, "August was a good month for us as all three divisions reported sales gains for the month. I am especially pleased with the wholesale stores as they came back strong in August from a somewhat weak July. August was International Leathercraft's first month of single-digit sales gain since it opened, reporting only a 1% gain. However, we gave up more than 5% in sales there due to currency fluctuation."
Shannon L. Greene, Chief Financial Officer added, "The third quarter, historically our weakest quarter, is shaping up well now that we are through the first two of three months. With that said, September last year was a very strong sales month so we have our work cut out for us to end the quarter well. We will certainly do our part and hope the economy cooperates."
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.
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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
CONTACT: Tandy Leather Factory, Inc. Shannon L. Greene (817) 872-3200 sgreene@tandyleather.com Magellan Fin, LLC Mark Gilbert (317) 867-2839 MGilbert@MagellanFin.com