Tandy Leather Factory (TLF) June Sales Fall 4%

Tandy Leather Factory, Inc. (NASDAQ: TLF) reported today that sales for the month of June were $6.0 million, down 4% compared to June 2015 sales of $6.3 million. Year to date sales were $40.4 million, down 1% compared to $40.7 million of sales in the same period last year.

Retail Leathercraft’s sales decreased 5% to $3.9 million compared to June 2015 sales of $4.0 million. The 80 comparable stores’ sales were down 4% for the month compared to the same period last year and the one new store opened in 2016 added June sales of $85,000. Year-to-date sales for Retail Leathercraft are $25.9 million this year, up 0.4% from 2015 sales of $25.7 million. As of the end of June, the 80 comparable stores’ sales were equal to sales for the same period in 2015.

Wholesale Leathercraft posted sales of $1.9 million for June, down 5% from June 2015 sales of $2.0 million. The 27 same stores’ sales were down 3% compared to last year’s June sales. For the year to date, Wholesale Leathercraft sales are $12.5 million, decreasing 4% from sales of $13.1 million for the same period a year ago. As of the end of June, same store sales were down 3% compared to the same period of 2015.

International Leathercraft reported June sales of $310,000, up 19% compared to June 2015 sales of $260,000. Same store sales were flat, with the one new store opened in October 2015 adding June sales of $50,000. For the year to date, International Leathercraft sales were $1.9 million, increasing 5% from sales of the same period in 2015. As of the end of June, the 3 comparable stores’ sales were down 12% compared to sales reported for the same period in 2015.

Chief Executive Officer, Shannon L. Greene, commented, “Overall, our June sales were disappointing but not unexpected as the retail environment continues to be somewhat choppy. Like other specialty retailers, we are having to compete for every available discretionary dollar the consumer is willing to spend. We are also carefully monitoring foreign currency rates, especially for our UK operations, as we look to the last half of the year. Brexit could have an unfavorable impact on our international sales but it’s too early to tell.”

Mark Angus, President, added, “Our focus remains on protecting profit margins in this tough retail environment. As is the case with sales, our store base has experienced mixed margin results, with a number of stores showing improvement, while others were maintaining.”

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