updated 5/5/2011 10:16:10 AM ET 2011-05-05T14:16:10

FORT WORTH, Texas, May 5, 2011 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of April were $5.8 million, up 16% compared to April 2010 sales. Year to date sales are up 11% to $21.7 million in the current year from $19.6 million last year.

Retail Leathercraft's sales rose 28% to $3.3 million compared to April 2010 sales of $2.6 million. There are no new stores in April so same store sales are also up 28% compared to the same period last year. Year-to-date sales for Retail Leathercraft are $12.0 million this year, a 17% increase over sales of $10.2 million for the same period of 2010. For the year to date, the 75 comparable stores' sales were up 17% year compared to sales reported for the same period in 2010. 

Wholesale Leathercraft posted sales of $2.3 million for April, up 3% compared to April 2010 sales. Within the Wholesale Leathercraft division, the wholesale same store sales were up 10% for the month while the National Account group's sales were down 31% from April 2010. For the year to date, Wholesale Leathercraft sales are $9.0 million compared to $8.9 million in 2010, up 2%. As of the end of April, year to date same store sales in the wholesale stores were up 5% compared to the same period last year and the National Account group's sales are down 9%.       

International Leathercraft's sales rose 18% to $147,000 compared to April 2010 sales of $125,000. Year-to-date sales are $656,000 this year, a 30% increase over sales of $506,000 for the same period of 2010. International Leathercraft consists of one store located in the UK.

Chief Executive Officer and President, Jon Thompson, commented, "We had a national open house event at all stores during the first week of April which added approximately $600,000 to our sales compared to April last year. We would have beat last year's April sales however, even without the event."

Shannon L. Greene, Chief Financial Officer, added, "For the last eight months, our retail stores have had double-digit same store sales gains and our wholesale stores have had even to positive sales year over year. Simply stated, sales are trending very well. With regard to gross margin, product costs are rising and our retail prices are fairly inflexible until our next catalog comes out in October. So we will continue to deal with downward pressure on our gross margins through the third quarter." 

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: Shannon L. Greene, Tandy Leather Factory, Inc.
         (817) 872-3200 or sgreene@tandyleather.com
         
         Mark Gilbert, Magellan Fin, LLC
         (317) 867-2839 or MGilbert@MagellanFin.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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