FORT WORTH, Texas, Oct. 7, 2010 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of September were $4.7 million, up 8% from $4.4 million in September 2009. Year to date sales are up 8% to $42.6 million in the current year compared to $39.4 million last year.
Retail Leathercraft's sales rose 14% to $2.5 million compared to September 2009 sales of $2.2 million. The 75 comparable stores' sales were up 13% for the month compared to the same period last year. The one store opened since September 2009 added September sales of $18,000. Year-to-date sales for Retail Leathercraft are $22.6 million this year, a 15% increase over sales of $19.7 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 September, up 1% from September 2009 sales of $2.0 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were up 2% for the month while the National Account group's sales were down 3% compared to September 2009. For the year to date, Wholesale Leathercraft sales are $18.8 million compared to $18.3 million in 2009, up 3%. As of the end of September, the wholesale stores' sales were up 5% compared to the same period last year while the National Account group's sales are down 7%.
International Leathercraft's sales rose 21% to $148,000 in the current month compared to September 2009 sales of $122,000. Year-to-date sales are $1.2 million this year, a 26% increase over sales of $943,000 for the same period of 2009. International Leathercraft consists of one store located in the UK.
Chief Executive Officer and President Jon Thompson commented, "September makes our fifteenth month of consecutive sales gains – a great trend. Our Retail Leathercraft division has reported sales gains for twenty-two consecutive months and our International Leathercraft division has reported sales gains every month since we opened the UK store in February 2008. Wholesale Leathercraft has been a little less predictable – although it has reported sales gains in nine of the last twelve months. While trends are certainly not guarantees of things to come, I am pleased with our sales performance."
Shannon L. Greene, Chief Financial Officer, added, "The third quarter was a good one as we achieved a 7% sales gain for the quarter. Retail Leathercraft's sales were up 12% for the quarter, with same stores reporting an 11% sales gain. Wholesale Leathercraft's sales were up 2%, with same stores reporting a 2% sales gain and National Account sales being flat. International Leather reported a 22% sales gain for 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, 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 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 email@example.com Magellan Fin, LLC Mark Gilbert (317) 867-2839 MGilbert@MagellanFin.com