Tandy Leather Factory, Inc. Reports 10% Sales Increase in October |
FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 2, 2006--Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for the month of October were $4.8 million, an increase of 10% from $4.3 million last year. Year to date sales are up 10% to $45.2 million in the current year from $41.0 million last year.
Retail Leathercraft posted a 21% sales increase for October, with sales totaling $2 million compared to $1.6 million in October 2005. The 48 comparable stores posted a 9% same store sales gain for the month. The 14 stores opened after September 2005 added October sales of $288,000. Year-to-date sales for Retail Leathercraft are $17.9 million this year, a 26% increase over sales of $14.2 million for the same period of 2005. As of the end of October, the same store sales gain for the 42 comparable stores is 8% for the year.
Wholesale Leathercraft posted sales of $2.6 million for October. Within the Wholesale Leathercraft division, the comparable wholesale centers' October sales were $2.2 million, up 2% from October 2005 sales. The National Account group's sales were flat compared to October 2005 sales. For the year to date, Wholesale Leathercraft sales are $25.9 million compared to $25.4 million in 2005, an increase of 2%.
Chairman and Chief Executive Officer, Wray Thompson, commented, "We're off to a good start in the fourth quarter. The comparable retail stores were working against a 19% sales gain from last year so we're pleased with their gain this month. The new retail stores are contributing solidly as well and the Wholesale Leathercraft division continues to perform in line with our internal expectations."
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, 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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Nov 02, 2006 |
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