FORT WORTH, Texas, Dec. 01, 2016 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ: TLF ) reported today that sales for the month of November were $8.4 million, up 1% compared to November 2015 sales of $8.3 million. Year to date sales were $74.0 million, down 2% compared to sales of $75.3 million in the same period last year.
Retail Leathercraft’s sales increased 1% to $5.4 million compared to November 2015 sales of $5.3 million. The 80 comparable stores’ sales were up 1% over that of November last year. The three stores opened since November 2015 added November sales of $125,000. Year-to-date sales for Retail Leathercraft are $47.6 million this year, a 0.5% decrease over sales of $47.9 million for the same period of 2015. As of the end of November, the 80 comparable stores’ sales were equal to that reported for the same period in 2015.
Wholesale Leathercraft posted sales of $2.6 million for November which equaled November 2015 sales. Within the Wholesale Leathercraft division, same store sales were up 2%. For the year to date, Wholesale Leathercraft sales are $22.7 million, down 5% from sales of $23.9 million for the same period a year ago. As of the end of November, the wholesale same store sales were down 3% compared to the same period last year.
International Leathercraft reported November sales of $387,000, up 18% compared to November 2015 sales of $329,000. All four stores in the segment have been opened for both periods, so same store sales were the same as the segment’s sales. For the year to date, International Leathercraft sales were $3.5 million compared to $3.3 million in 2015, up 5%. As of the end of November, same store sales were down 10% compared to the same period last year.
Chief Executive Officer, Shannon Greene, commented, “Given the retail headwinds we’ve faced so far this year, we are pleased with November sales results which saw gains across all segments. As we head into the final month of the year, we are focused on a strong finish to 2016.”
Mark Angus, President, added, “The improvement in November sales activity was made without sacrificing gross profit. In fact, based on our product and customer mix, November’s gross profit improved over last year. However, it’s still a very challenging retail environment as we look towards the Christmas shopping season and how consumers spend their discretionary funds. December is an important month for us and we are working hard to end the year on a positive note.”
Tandy Leather Factory, Inc., ( http://www.tandyleather.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 27 Leather Factory stores, located in 18 states and 3 Canadian provinces, 83 Tandy Leather retail stores, located in 37 states and 6 Canadian provinces, and four 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 sgreene@tandyleather.com Mark Gilbert, Magellan Fin, LLC (317) 867-2839 or MGilbert@MagellanFin.com
