FORT WORTH, Texas, July 5, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of June were $5.5 million, up 5% compared to June 2011 sales of $5.3 million. Year to date sales are up 10% to $35.0 million in the current year from $31.9 million last year.
Retail Leathercraft's sales rose 9% to $3.2 million compared to June 2011 sales of $2.9 million. All 77 stores are considered comparable stores as of June, posting a same store sales increase of 9% over the same period last year. Year-to-date sales for Retail Leathercraft are $20.1 million this year, a 14% increase over sales of $17.6 million for the same period of 2011. As of the end of June, 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 June, down 2% compared to June 2011 sales of $2.1 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 6% for the month while the National Account group's sales were down 77% from June 2011. For the year to date, Wholesale Leathercraft sales are $13.4 million compared to $13.2 million in 2011, up 1%. As of the end of June, the wholesale same store sales were up 4% compared to the same period last year and the National Account group's sales are down 28%.
International Leathercraft reported June sales of $242,000, up 19% compared to June 2011 sales of $203,000. Same store sales, representing the UK store, were down 25%, while the new Australia and Spain stores, opened in October 2011 and January 2012, respectively, added June sales of $88,000. For the year to date, International Leathercraft sales were $1.5 million compared to $1.0 million in 2011, up 44%. As of the end of June, same store sales were down 3% compared to the sales reported for the same period in 2011.
Chief Executive Officer and President, Jon Thompson, commented, "The higher store inventory levels are certainly contributing to the positive sales trend. The UK store hit its first speed bump as a result of a decrease in European web orders this month, although site visits are up over last year. It is difficult to determine the exact cause, but we will be watching it closely in the coming months to determine if the reduction in orders is due to the overall economic climate in Europe or if there is something specific on our site that is creating confusion on the part of the customers."
Shannon L. Greene, Chief Financial Officer added, "We finished the second quarter with a 6% sales gain. We are particularly pleased with the wholesale stores' performance this quarter as their sales gains are at the top end of internal expectations. We ended the quarter with an increase in total inventory. It is a little early to be buying for fourth quarter; however, we continue to take advantage for aggressive buying opportunities when they arise. We believe we are positioned well as we enter the last half of the year and look toward a strong fourth quarter."
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.
The Tandy Leather Factory, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7760
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