FORT WORTH, Texas, April 5, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of March were $6.2 million, up 7% compared to March 2011 sales of $5.8 million. Year to date sales are up 13% to $18.0 million in the current year from $15.9 million last year.
Retail Leathercraft's sales rose 15% to $3.6 million compared to March 2011 sales of $3.1 million. The 76 comparable stores' sales were up 14% compared to the same period last year. The one store opened since March 2011 added March sales of $35,000. Year-to-date sales for Retail Leathercraft are $10.1 million this year, an 18% increase over sales of $8.7 million for the same period of 2011. As of the end of March, the 76 comparable stores' sales were up 16% compared to sales reported for the same period in 2011.
Wholesale Leathercraft posted sales of $2.3 million for March, down 6% compared to March 2011 sales of $2.5 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 2% for the month while the National Account group's sales were down 63% from March 2011. For the year to date, Wholesale Leathercraft sales are $7.1 million compared to $6.7 million in 2011, up 5%. As of the end of March, the wholesale same store sales were up 5% compared to the same period last year and the National Account group's sales are up 8%.
International Leathercraft reported March sales of $241,000, up 37% compared to March 2011 sales of $177,000. Same store sales, representing the UK store, were down 8%, while the new Australia and Spain stores, opened in October 2011 and January 2012, respectively, added March sales of $78,000. For the year to date, International Leathercraft sales were $735,000 compared to $509,000 in 2011, up 44%. As of the end of March, same store sales were up 2% compared to the sales reported for the same period in 2011.
Chief Executive Officer and President, Jon Thompson, commented, "Sales remain strong as we end the first quarter, with 90% of our stores reporting sales gains. We are continuing to move stores into larger spaces when the timing works. The additional space allows the stores to stock larger quantities of leather, which is generally what brings customers into the stores. The UK store's sales loss is due primarily to the timing of orders from several dealers. In addition, our Spain store is now servicing our Spanish customers in order to reduce shipping costs and delivery times. We expect that sales shift between the two stores to have a minimal effect on the UK store as it continues to grow its local customer base."
Shannon L. Greene, Chief Financial Officer added, "We expect to see some volatility in our National Account sales throughout the year. We intentionally eliminated some products from our line that did not meet our internal gross profit margin targets. As a result, sales to those customers are expected to fluctuate as those products are no longer available and substitutions, if available, are found. As we have stated many times in the past, we believe our best avenue for overall growth is with our own stores, not with our National Account customers, although they contribute to the strength of our customer base."
Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.com), headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor 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 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 77 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and three combination wholesale/retail 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.
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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.
CONTACT: Shannon L. Greene, Tandy Leather Factory, Inc. (817) 872-3200 or firstname.lastname@example.org Mark Gilbert, Magellan Fin, LLC (317) 867-2839 or MGilbert@MagellanFin.com