Tandy Leather Factory (TLF) Sales Rose 3% in May 2016; YTD Sales Flat

Tandy Leather Factory, Inc. (Nasdaq: TLF) reported that sales for the month of May were $6.3 million, up 3% compared to May 2015 sales of $6.1 million. Year to date sales were $34.3 million, equal to sales of the same period last year.

Retail Leathercraft’s sales increased 5% to $4.0 million compared to May 2015 sales of $3.8 million. The 80 comparable stores’ sales were up 5% for the month compared to the same period last year and the one new store opened in 2016 added May sales of $80,000. One store was closed in April. Year-to-date sales for Retail Leathercraft are $22.0 million this year, up 1% from 2015 sales of $21.7 million. As of the end of May, the 80 comparable stores’ sales increased 1% from comparable sales for the same period in 2015.

Wholesale Leathercraft posted sales of $1.91 million for May, down 2% from May 2015 sales of $1.95 million. The 27 same stores’ sales matched that of last year’s May sales. One store was closed in April. For the year to date, Wholesale Leathercraft sales are $10.7 million, decreasing 4% from sales of $11.1 million for the same period a year ago. As of the end of May, same store sales were down 3% compared to the same period of 2015.

International Leathercraft reported May sales of $306,000, up 13% compared to May 2015 sales of $271,000. Same store sales were down 5%, with the one new store opened in October 2015 adding May sales of $50,000. For the year to date, International Leathercraft sales were $1.6 million, increasing 2% from sales of the same period in 2015. As of the end of May, the 3 comparable stores’ sales were down 14% compared to sales reported for the same period in 2015.

Interim Chief Executive Officer, Shannon L. Greene, commented, “In what continues to be a tough retail environment, our May sales results are encouraging. We are right on target with our 2016 revenue guidance at almost half way through the year.”

Mark Angus, Interim President, added, “We will continue to focus on maintaining margins as sales growth remains challenging. So far, our plan is working as gross profit margin pressure has eased compared to last year.”

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