Tandy Leather Factory Reports Q4'18 Sales Up 1.0% Over Prior Year 4th Quarter, Announces Three Store Closures and Schedules Earnings Announcement and Conference Call
FORT WORTH, Texas, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today sales for the fourth quarter of 2018, announces the planned closure of 3 stores, and schedules the timing of the year-end 2018 earnings release.
Total sales for the fourth quarter of 2018 were $24.7 million, up 1.0% over fourth quarter 2017. North America increased 1.8%, while International decreased 18.0%.
As part of an ongoing evaluation of its store portfolio, Tandy Leather has made the strategic decision to close three underperforming stores located in Irving, Texas; Fort Wayne, Indiana; and Minto, Australia. The Irving and Fort Wayne locations closed last week, while the Minto store will be closed next month.
The Company's 2018 results will be negatively impacted by transition costs related to its recent change in management, an assessment of aged inventory, exit costs associated with store closures, and impairment charges for underperforming stores.
At December 31, 2018, cash totaled $24.1 million, an increase of $5.8 million over year-end 2017 levels.
Tandy's 2018 financial results will be released on Wednesday, March 6, 2019 after the market closes. A conference call will be conducted by senior management at 10:00 am Eastern Time on Thursday, March 7, 2019, and will be accessible to the public by calling 877-312-5524 or 253-237-1144. Callers should dial in approximately 5 minutes before the call begins. A conference call replay will be available through 12:00 p.m. Eastern Time on March 12, 2019 and can be accessed by calling 855-859-2056 or 404-537-3406. For both, reference conference ID number 9687767. This call will be webcast and accessible at the company's web site at www.tandyleather.com.
Janet Carr, CEO, commented, "The business maintained its 2018 trajectory through Q4, with modest topline growth on a growing cost base and a few one-time transition and clean-up costs. At the same time, we have been conducting a deep dive into the business and developing our plan for 2019 and beyond. Looking forward to sharing more in our upcoming call."
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer 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 115 North American stores located in 42 US states and 7 Canadian provinces, and three International stores located in the United Kingdom, Australia, and Spain. 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.
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.
Tandy Leather was founded in 1919 with the dream of sharing leathercraft with the world. Today, we're proud to continue this legacy as trusted source of quality leather, tools, and teaching materials for leatherworkers everywhere.