13% Same Store Sales Gain in Retail Leathercraft Division
FORT WORTH, Texas, Oct 05, 2006 (BUSINESS WIRE) -- Tandy Leather Factory, Inc. (AMEX:TLF) reported today that sales for the month of September were $4.3 million, an increase of 14% from $3.8 million last year. Year to date sales are up 10% to $40.4 million in the current year from $36.7 million last year.
Retail Leathercraft posted a 32% sales increase for September, with sales totaling $1.8 million compared to $1.4 million in September 2005. The 47 comparable stores posted a 13% same store sales gain for the month. The 15 stores opened since August 2005 added September sales of $280,000. Year-to-date sales for Retail Leathercraft are $15.9 million this year, a 26% increase over sales of $12.6 million for the same period of 2005. As of the end of September, the same store sales gain for the 42 comparable stores is 8% for the year.
Wholesale Leathercraft posted sales of $2.3 million for September. Within the Wholesale Leathercraft division, the comparable wholesale centers' sales were $2.0 million for September compared to $1.8 million in September 2005, an increase of 7%. The National Account group's sales were down 6% from September 2005. For the year to date, Wholesale Leathercraft sales are $23.3 million compared to $22.8 million in 2005, an increase of 2%.
Chairman and Chief Executive Officer, Wray Thompson, commented, "We finished our third quarter with a 7% sales gain overall. Our Retail Leathercraft division recorded a 23% sales gain with a 4% gain in same store sales for the quarter. We are on track to meet our 2006 guidance and are planning for a strong fourth quarter."
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.
SOURCE: Tandy Leather Factory, Inc.
Tandy Leather Factory, Inc., Fort Worth
Wray Thompson, 817-496-4414
or
Shannon L. Greene, 817-496-4414
sgreene@leatherfactory.com
"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.