Tandy Leather Factory (TLF) Nov. Sales Rose 1%
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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.”
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