FORT WORTH, Texas, May 3, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of April were $5.9 million, up 3% compared to April 2011 sales of $5.8 million. Year to date sales are up 10% to $23.9 million in the current year from $21.7 million last year.
Retail Leathercraft's sales rose 6% to $3.5 million compared to April 2011 sales of $3.3 million. The 76 comparable stores' sales were up 5% compared to the same period last year. The one store opened since April 2011 added April sales of $36,000. Year-to-date sales for Retail Leathercraft are $13.7 million this year, a 14% increase over sales of $12.0 million for the same period of 2011. As of the end of April, the 76 comparable stores' sales were up 13% compared to sales reported for the same period in 2011.
Wholesale Leathercraft posted sales of $2.2 million for April, down 4% compared to April 2011 sales of $2.3 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 1% for the month while the National Account group's sales were down 74% from April 2011. For the year to date, Wholesale Leathercraft sales are $9.3 million compared to $9.0 million in 2011, up 3%. As of the end of April, the wholesale same store sales were up 4% compared to the same period last year and the National Account group's sales are down 11%.
International Leathercraft reported April sales of $219,000, up 49% compared to April 2011 sales of $147,000. Same store sales, representing the UK store, were up 3%, while the new Australia and Spain stores, opened in October 2011 and January 2012, respectively, added April sales of $67,000. For the year to date, International Leathercraft sales were $954,000 compared to $656,000 in 2011, up 45%. As of the end of April, same store sales were up 3% compared to the sales reported for the same period in 2011.
Chief Executive Officer and President, Jon Thompson, commented, "Sales remain solid as we begin the second quarter. Our second annual national open house event was a success. It is a two-day event held in April and we achieved a 4% sales gain over last year's event. Gross profit margins are stable as we continue to take advantage of buying opportunities when they present themselves."
Shannon L. Greene, Chief Financial Officer, added, "We are pleased with the development of our international stores as they are increasing their customer bases daily. While the UK and Spain are in technical recessions, there is solid demand for our products within those countries and throughout Europe as evidenced by the sales generated through our stores there. Australia's overall economic growth is slow as well, but as in Europe, we continue to expand the local market for our products."
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.
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 (817) 872-3200 or email@example.com