FORT WORTH, Texas, Jan. 6, 2011 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of December were $6.2 million, up 12% from $5.6 million in December 2009. Year to date sales are up 9% to $59.9 million in the current year compared to $55.0 million last year.
Retail Leathercraft's sales rose 15% to $3.7 million compared to December 2009 sales of $3.2 million. The 75 comparable stores' sales were up 14% for the month compared to the same period last year. The one store opened since December 2009 added December sales of $35,000. For the year, Retail Leathercraft were $32.3 million, a 15% increase over sales of $28.1 million for 2009. The 74 comparable stores' sales were up 14% for the year compared to 2009 sales.
Wholesale Leathercraft posted sales of $2.4 million for December, up 6% from December 2009 sales of $2.3 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were up 10% from last year's December sales while the National Account group's sales were down 45% compared to December 2009. Wholesale Leathercraft sales were $25.9 million for the year compared to $25.1 million in 2009, up 3%. For the year, the wholesale stores' sales were up 5% compared to last year while the National Account group's sales were down 8%.
International Leathercraft's sales rose 31% to $148,000 in the current month compared to December 2009 sales of $113,000. Sales for the year were $1.7 million, a 29% increase over sales of $1.3 million for 2009. International Leathercraft consists of one store located in the UK.
Chief Executive Officer and President, Jon Thompson, commented, "We finished the year well – setting new monthly and annual sales records. More than 90% of our stores reported sales gains for the year. By way of comparison, only 75% of our stores reported sales gains in 2009. We certainly like that trend."
Shannon L. Greene, Chief Financial Officer added, "Crossing the $6 million mark in a single month's sales will be one of the highlights of 2010 for us. Having the highest annual sales in our history is another one. With the strong sales in the fourth quarter, our cash balances are beginning to build again and we expect our inventory to be down from September by almost $2 million."
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