FORT WORTH, Texas, June 2, 2011 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of May were $5.0 million, up 13% compared to May 2010 sales. Year to date sales are up 11% to $26.6 million in the current year from $24.0 million last year.
Retail Leathercraft's sales rose 17% to $2.7 million compared to May 2010 sales of $2.3 million. There are no new stores in April so same store sales are also up 17% compared to the same period last year. Year-to-date sales for Retail Leathercraft are $14.7 million this year, a 17% increase over sales of $12.5 million for the same period of 2010. For the year to date, the 75 comparable stores' sales were up 11% compared to sales reported for the same period in 2010.
Wholesale Leathercraft posted sales of $2.1 million for May, up 7% compared to May 2010 sales. Within the Wholesale Leathercraft division, the wholesale same store sales were up 9% for the month and the National Account group's sales were up 5% from May 2010. For the year to date, Wholesale Leathercraft sales are $11.1 million compared to $10.8 million in 2010, up 3%. As of the end of May, year to date same store sales in the wholesale stores were up 6% compared to the same period last year and the National Account group's sales are down 7%.
International Leathercraft's sales rose 54% to $178,000 compared to May 2010 sales of $115,000. Year-to-date sales are $834,000 this year, a 34% increase over sales of $622,000 for the same period of 2010. International Leathercraft consists of one store located in the UK.
Chief Executive Officer and President, Jon Thompson, commented, "Our positive sales trend continues in May. 95% of our retail stores and 75% of our wholesale stores are running year-to-date sales gains through the end of May and the UK store continues to exceed our internal expectations, reporting a 34% sales gain so far this year."
Shannon L. Greene, Chief Financial Officer, added, "We have had 23 consecutive months of year over year monthly sales gains. The retail stores have had nine consecutive months of double-digit year over year gains and May makes the seventh month of year over year sales gains at the wholesale stores. The UK store has achieved year over year sales gains every month for more than 36 months. Sales gains like these will certainly help to lessen the pressure on gross margins."
Tandy Leather Factory, Inc., ( 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: 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
