Tandy Leather Factory, Inc. Reports 1% Sales Increase in January |
15% Sales Gain at the Retail Stores
FORT WORTH, Texas--(BUSINESS WIRE)--Feb. 1, 2007--Tandy Leather Factory, Inc. (AMEX:TLF) reported today that sales for the month of January were $4.6 million, an increase of 1% from $4.5 million last year.
Retail Leathercraft posted a 15% sales increase for January, with sales totaling $2.0 million compared to $1.8 million in January 2006. The 52 comparable stores' sales were flat for the month compared to the same period last year. The 12 stores opened since December 2005 added January sales of $276,000.
Wholesale Leathercraft posted sales of $2.5 million for January, down 3% over January 2006 sales of $2.6 million. Within the Wholesale Leathercraft division, the wholesale centers' sales were down 3% for the month while the National Account group posted a January sales gain of 8%.
Chief Executive Officer and President, Ron Morgan, commented, "We did not get the start to the year that we wanted in either divisions. I think the weakness in our sales is attributable to several factors. Many of our stores in the middle of the country lost sales days due to winter storms. The personnel just couldn't get to the stores for several days. Some of those stores' sales are still suffering as their customers are recovering from the lingering effects of power outages, property damage, etc. Being out of some specific leathers this month didn't help us. A large shipment has been held at the port all month due to damage to the container. And finally, the rollout of some of our new products expected to occur at the beginning of month didn't happen because of some production and delivery delays. While no single issue creates significant problems for us, when they all happen at once, they can certainly affect our sales by several percentage points."
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.
Ron Morgan, 817-496-4414
rcmorgan@tandyleather.com
or
Shannon L. Greene, 817-496-4414
sgreene@tandyleather.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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Feb 01, 2007 |
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