Tandy Leather Factory, Inc. (TLF) August Sales Rose 6%

Tandy Leather Factory, Inc. (Nasdaq: TLF) announced that sales for the month of August were $6.6 million, up 6% compared to August 2013 sales of $6.3 million. Year to date sales are up 3% to $52.9 million in the current year from $51.1 million last year.

Retail Leathercraft's sales rose 10% to $4.2 million compared to August 2013 sales of $3.8 million. The 76 comparable stores' sales were up 7% for the month compared to the same period last year. The four stores opened since August 2013 added August sales of $155,000. Year-to-date sales for Retail Leathercraft are $32.5 million this year, a 6% increase over sales of $30.6 million for the same period of 2013. As of the end of August, the 76 comparable stores' sales were up 4% compared to sales reported for the same period in 2013.

Wholesale Leathercraft posted sales of $2.1 million for August, down 3% compared to August 2013 sales of $2.2 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were up 3% compared to August 2013 sales while National Account group sales were down 100%, or $126,000, as sales to this customer group ended in April. For the year to date, Wholesale Leathercraft sales are $17.6 million, down 2% from the same period of 2013. As of the end of August, the wholesale same store sales were up 2% compared to sales last year while the National Account group's sales were down 63%.

International Leathercraft reported August sales of $344,000, up 12% compared to August 2013 sales of $306,000. For the year to date, International Leathercraft sales were $2.8 million compared to $2.6 million in 2013, up 8%. All three stores in the segment have been opened for both periods, so same store sales for the month and year to date were the same as the segment's sales.

Chief Executive Officer and President, Jon Thompson, commented, "Our August sales gain picked up nicely compared to the last two months. We are loading the stores with new product, which is having a nice impact on sales. Our goal for the remainder of the year is to turn a large portion of inventory into cash, without negatively impacting gross profit margins."

Shannon L. Greene, Chief Financial Officer added, "We are fairly pleased with our sales so far and look at our August sales as the momentum starter as we look toward the last four months of the year. Our annual catalog will be released October 1st, introducing a record number of new products beyond what is already being offered in the stores. Historically, the anticipation of the catalog creates excitement in September, and the catalog release adds further momentum to the beginning of fourth quarter and the start of the Christmas shopping season."

You May Also Be Interested In

• Tandy Leather Factory (TLF) Reports Q2 EPS of $0.05
• Morgan Stanley raises MLCC forecast on Japan output data
• Apple Trains Its Own AI Model For China Market With Alibaba's Support- Reuters