Tandy Leather Factory (TLF) Reports August Sales, Guides for FY07
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Tandy Leather Factory, Inc. (AMEX: TLF) reports sales for the month of August were $4.4 million, the same as that of last year's August sales. Year to date sales are up 2% to $36.7 million in the current year from $36.1 million last year.
Retail Leathercraft posted a 15% sales increase for August, with sales totaling $1.9 million compared to $1.6 million in August 2006. The 62 comparable stores posted a 6% same store sales gain for the month.
Wholesale Leathercraft posted sales of $2.3 million for August, down 8% from August 2006 sales of $2.6 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 2% for the month while the National Account group posted an August sales decline of 42%.
Chief Executive Officer and President, Ron Morgan, commented, "While the retail stores continue to perform well, August sales from our Wholesale Leathercraft division were disappointing, even though we had more wholesale stores with sales gains than with sales losses this month. The lack of consistency in National Account sales has been frustrating all year and at this point, I don't think it's unrealistic to expect it will end the year with a 25% sales decline from 2006."
The Company plans to open 10 retail stores in 2007 and estimates consolidated net sales for 2007 will be in the range of $56-57 million, a 2-3% increase over 2006 sales. Diluted EPS for 2007 is expected to be in the range of $0.43-$0.44, the same as in 2006. Average diluted shares outstanding in 2007 are estimated to be approximately 11.2 million shares. The Company assumes an effective tax rate for the year between 35% and 37%. (FY07 revenue consensus is $58.32 million and EPS consensus is $0.44)
Retail Leathercraft posted a 15% sales increase for August, with sales totaling $1.9 million compared to $1.6 million in August 2006. The 62 comparable stores posted a 6% same store sales gain for the month.
Wholesale Leathercraft posted sales of $2.3 million for August, down 8% from August 2006 sales of $2.6 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 2% for the month while the National Account group posted an August sales decline of 42%.
Chief Executive Officer and President, Ron Morgan, commented, "While the retail stores continue to perform well, August sales from our Wholesale Leathercraft division were disappointing, even though we had more wholesale stores with sales gains than with sales losses this month. The lack of consistency in National Account sales has been frustrating all year and at this point, I don't think it's unrealistic to expect it will end the year with a 25% sales decline from 2006."
The Company plans to open 10 retail stores in 2007 and estimates consolidated net sales for 2007 will be in the range of $56-57 million, a 2-3% increase over 2006 sales. Diluted EPS for 2007 is expected to be in the range of $0.43-$0.44, the same as in 2006. Average diluted shares outstanding in 2007 are estimated to be approximately 11.2 million shares. The Company assumes an effective tax rate for the year between 35% and 37%. (FY07 revenue consensus is $58.32 million and EPS consensus is $0.44)
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