Retail Same Store Sales up 12%, Wholesale Same Store Sales up 9%, Intl Same Store Sales up 42%
FORT WORTH, Texas, Dec. 6, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the full month of November was $7.0 million, up 11% compared to November 2011 sales of $6.4 million. Year to date sales are up 10% to $65.1 million in the current year from $59.2 million last year.
Retail Leathercraft's sales rose 12% to $4.2 million compared to November 2011 sales of $3.7 million. The 77 stores comparable stores reported a same store sales increase of 12% over the same period last year, while the one new store opened in November added sales of $27,000. Year-to-date sales for Retail Leathercraft are $37.8 million this year, a 14% increase over sales of $33.1 million for the same period of 2011. As of the end of November, the 76 comparable stores' sales were up 13% compared to sales reported for the same period in 2011.
Wholesale Leathercraft posted sales of $2.5 million for November, up 5% compared to November 2011 sales of $2.4 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 9% for the month while the National Account group's sales were down 55% from November 2011. For the year to date, Wholesale Leathercraft sales are $24.4 million compared to $24.1 million in 2011, up 1%. As of the end of November, the wholesale same store sales were up 6% compared to the same period last year and the National Account group's sales are down 39%.
International Leathercraft reported November sales of $353,000, up 56% compared to November 2011 sales of $227,000. November same store sales, consisting of the UK and Australia stores, were up 42% compared to November 2011, while the new Spain store, opened in January 2012, added November sales of $31,000. For the year to date, International Leathercraft sales were $2.9 million compared to $1.9 million in 2011, up 51%. As of the end of November, same store sales matched that of sales reported for the same period in 2011.
Chief Executive Officer and President, Jon Thompson, commented, "We reported November sales through November 27 last week so thus release completes the month. Sales in the last three days did not quite keep pace with those same days last year, but our November sales were strong regardless. We should easily cross the $70 million sales mark for the year as we expect our December sales to remain solid, and that will be a new annual sales record for our company."
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, 78 Tandy Leather retail stores, located in 37 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 email@example.com
Mark Gilbert, Magellan Fin, LLC
(317) 867-2839 or MGilbert@MagellanFin.com