Tandy Leather Factory, Inc. Reports 15% Sales Increase in March |
FORT WORTH, Texas--(BUSINESS WIRE)--April 6, 2006--Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for the month of March were $5.3 million, an increase of 15% from $4.6 million last year. Year to date sales are up 13% to $14.4 million in the current year from $12.7 million last year.
Retail Leathercraft posted a 24% sales increase for March, with sales totaling $1.9 million compared to $1.6 million in March 2005. The 42 comparable stores posted a 6% same store sales gain for the month. The 14 stores opened in or after March 2005 added sales for the month of $333,000. Year-to-date sales for Retail Leathercraft are $5.5 million this year, a 29% increase over sales of $4.3 million for the same period of 2005. As of the end of March, the same store sales gain for the 42 comparable stores is 11% for the year.
Wholesale Leathercraft posted sales of $3.1 million for March, up 9% over March 2005 sales of $2.8 million. Within the Wholesale Leathercraft division, the wholesale centers' sales gain was 7% for the month while the National Account group posted a March sales gain of 17%. For the year to date, Wholesale Leathercraft sales are $8.4 million compared to $7.9 million in 2005, a gain of 6%.
Chairman and Chief Executive Officer, Wray Thompson, commented, "We are pleased with our revenue for the month and quarter as we set new sales records for both. The retail stores continue to post solid sales results. The wholesale centers are performing above expectations and National Accounts overcame its January sales loss to end the quarter with a slight gain. We hope to carry some of this momentum into the next two quarters as historically, they are our softer revenue quarters."
Tandy Leather Factory, Inc., headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, belt buckles and adornments, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products as The Leather Factory through its wholesale distribution centers and as Tandy Leather Company through its retail stores. Its common stock trades on the American Stock Exchange with the symbol "TLF".
This news release may contain forward-looking statements. All forward-looking statements made here or in other news releases issued by Tandy Leather Factory, Inc. are based on current expectations as of the date of the release. These forward-looking statements involve risks and uncertainties that could cause the results of Tandy Leather Factory, Inc. to differ materially from management's current expectations. Many of these risks and uncertainties are detailed from time to time in TLF's reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q. Investors are reminded that past performance may not be predictive of future results.
CONTACT: Tandy Leather Factory, Inc., Fort Worth
Wray Thompson, 817-496-4414
or
Shannon L. Greene, 817-496-4414
sgreene@leatherfactory.com
SOURCE: Tandy Leather Factory, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Tandy Leather Factory, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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Apr 06, 2006 |
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