FORT WORTH, Texas, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of October were $6.5 million, up 6% compared to October 2012 sales of $6.0 million. Year to date sales are up 9% to $63.3 million in the current year compared to $58.0 million last year.
Retail Leathercraft's sales rose 5% to $3.8 million compared to October 2012 sales of $3.6 million. The 77 comparable stores' sales were up 4% compared to the same period last year. The one store opened after October 2012 added October sales of $36,000. Year-to-date sales for Retail Leathercraft are $37.8 million, a 12% increase over sales of $33.6 million for the same period of 2012. As of the end of October, the 77 comparable stores' sales were up 11% compared to sales reported for the same period in 2012.
Wholesale Leathercraft posted sales of $2.3 million for October, up 8% compared to October 2012 sales of $2.1 million. Within the Wholesale Leathercraft division, compared to October 2012, wholesale same store sales were up 6% and the National Account group's sales were up 43%. National Account sales were $100,000 for the month compared to last year's October sales of $70,000. For the year to date, Wholesale Leathercraft sales are $22.3 million, up 2% from last year's sales of $21.8 million. As of the end of October, the wholesale same store sales were up 4% compared to the same period last year and the National Account group's sales were down 25%.
International Leathercraft reported October sales of $338,000, up 25% compared to October 2012 sales of $269,000. For the year to date, International Leathercraft sales were $3.2 million compared to $2.6 million last year, up 25%. All three stores in the segment have been opened for both periods, so same store sales for the month and year to date were the same as the segment's sales.
Chief Executive Officer and President, Jon Thompson, commented, "Our stores continue to perform well overall, with strong sales growth in most markets. I am especially pleased with the continued sales growth from our international stores. They continue to expand their customer bases by attending trade shows and focused advertising and it appears to be paying off."
Shannon L. Greene, Chief Financial Officer added, "The outlook for the Christmas shopping season is fair at best this year due to the way the calendar falls. Despite the bleak expectations overall, we are on track to meet our internal sales targets."
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, 79 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 protected]
Mark Gilbert, Magellan Fin, LLC
(317) 867-2839 or [email protected]