FORT WORTH, Texas, Nov. 4, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of October were $5.1 million, up 5% from $4.9 million in October 2009. Year to date sales are up 8% to $47.8 million in the current year compared to $44.3 million last year.
Retail Leathercraft's sales rose 11% to $2.8 million compared to October 2009 sales of $2.5 million. The 75 comparable stores' sales were up 10% for the month compared to the same period last year. The one store opened since October 2009 added October sales of $20,000. Year-to-date sales for Retail Leathercraft are $25.4 million this year, a 14% increase over sales of $22.3 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 $2.1 million for October, down 3% from October 2009 sales of $2.2 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were even with last year's October sales while the National Account group's sales were down 25% compared to October 2009. For the year to date, Wholesale Leathercraft sales are $21.0 million compared to $20.5 million in 2009, up 2%. As of the end of October, the wholesale stores' sales were up 4% compared to the same period last year while the National Account group's sales are down 9%.
International Leathercraft's sales rose 49% to $188,000 in the current month compared to October 2009 sales of $126,000. Year-to-date sales are $1.4 million this year, a 29% increase over sales of $1.1 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, "October sales were not quite as strong as the last several months but we are still off to a good start as we begin the fourth quarter. We brought in a lot of new inventory in the third quarter in anticipation of our new catalog, which was available October 1st. We are expecting the new items will be strong sellers in this final quarter of the year."
Shannon L. Greene, Chief Financial Officer added, "The UK store continues to surpass our expectations, reporting a 49% sales gain for October and a 29% sales gain year to date. The wholesale stores' sales matched that of last year's October even with the closing of the Mid-Continent Leather Sales store at the beginning of the month. The retail stores continue their strong performance. For the year, 96% of our retail stores are reporting sales gains. That is a pretty good statistic."
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.
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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 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 sgreene@tandyleather.com Magellan Fin, LLC Mark Gilbert (317) 867-2839 MGilbert@MagellanFin.com