FORT WORTH, Texas, June 7, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of May were $5.5 million, up 11% compared to May 2011 sales of $5.0 million. Year to date sales are up 11% to $29.5 million in the current year from $26.6 million last year.
Retail Leathercraft's sales rose 18% to $3.2 million compared to May 2011 sales of $2.7 million. The 76 comparable stores' sales were up 17% compared to the same period last year. The one store opened since May 2011 added May sales of $25,000. Year to date sales for Retail Leathercraft are $16.9 million this year, a 15% increase over sales of $14.7 million for the same period of 2011. As of the end of May, the 76 comparable stores' sales were up 14% compared to sales reported for the same period in 2011.
Wholesale Leathercraft posted sales of $2.0 million for May, down 2% compared to May 2011 sales of $2.1 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 49% from May 2011. For the year to date, Wholesale Leathercraft sales are $11.3 million compared to $11.1 million in 2011, up 2%. As of the end of May, the wholesale same store sales were up 4% compared to the same period last year and the National Account group's sales are down 18%.
International Leathercraft reported May sales of $298,000, up 67% compared to May 2011 sales of $178,000. Same store sales, representing the UK store, were up 1%, while the new Australia and Spain stores, opened in October 2011 and January 2012, respectively, added May sales of $117,000. For the year to date, International Leathercraft sales were $1.3 million compared to $834,000 in 2011, up 50%. As of the end of May, 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, "We are more than halfway through the second quarter and sales remain solid. Even better, we have been achieving the sales results without significant promotional pricing, which helps to protect gross profit margins."
Shannon L. Greene, Chief Financial Officer added, "Our stores continue to perform well, as more than 90% are reporting year to date sales gains as of the end of May. We continue to monitor overall inventory levels against customer demand to optimize our use of working capital. However, our strategy of carrying larger quantities of product in the stores appears to be working well."
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