Tandy Leather Factory (TLF) Sales Fell 5% in Sept. 2016; YTD Sales Down 2%
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Tandy Leather Factory, Inc. (Nasdaq: TLF) reported that sales for the month of September were $6.1 million, down 5% compared to September 2015 sales of $6.5 million. Year to date sales were $59.1 million, down 2% compared to sales of $60.1 million in the same period last year.
Retail Leathercraft’s sales decreased 3% to $4.0 million compared to September 2015 sales of $4.1 million. The 80 comparable stores’ sales were down 2% compared to the same period last year. The one new store opened in 2016 added September sales of $97,000. Year-to-date sales for Retail Leathercraft are $38.0 million this year, a 0.3% decrease over sales of $38.1 million for the same period of 2015. As of the end of September, the 80 comparable stores’ sales were equal to sales reported for the same period in 2015.
Wholesale Leathercraft posted sales of $1.8 million for September, down 9% compared to September 2015 sales of $2.0 million. Within the Wholesale Leathercraft division, same store sales were down 7%. For the year to date, Wholesale Leathercraft sales are $18.2 million, down 5% from sales of $19.2 million for the same period a year ago. As of the end of September, the wholesale same store sales were down 4% compared to the same period last year.
International Leathercraft reported September sales of $312,000, down 3% compared to September 2015 sales of $321,000. Same store sales decreased 18%, with the one new store opened in October 2015 adding September sales of $49,000. For the year to date, International Leathercraft sales were $2.8 million compared to $2.7 million in 2015, up 2%. As of the end of September, year to date same store sales were down 14% compared to the same period last year.
Chief Executive Officer, Shannon L. Greene, commented, "This continues to be a challenging environment with lower sales volumes and store traffic than what we’d like to see this time of year. However, as we head into the fourth quarter, we expect to open several new stores in markets that we believe will help us gain market share and contribute positively to our top line over time.”
Mark Angus, President, added, “While we expect the external headwinds to continue for the foreseeable future, our team is focused on enhancing our customer experience, brand awareness, and store performance, all of which will help drive improvement to our bottom line.”
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