Tandy Leather Factory (TLF) Feb. Sales Rose 7%

Tandy Leather Factory (NASDAQ: TLF) reported that sales for the month of February were $6.8 million, up 7% compared to February 2014 sales of $6.3 million.

Retail Leathercraft's sales rose 11% to $4.3 million compared to February 2014 sales of $3.9 million. The 79 comparable stores' sales were up 9% for the month compared to the same period last year. The three stores opened since February 2014 added February sales of $90,000. Year-to-date sales for Retail Leathercraft are $8.7 million this year, an 11% increase over sales of $7.8 million for the same period of 2014. As of the end of February, the 79 comparable stores' sales were up 9% compared to sales reported for the same period in 2014.

Wholesale Leathercraft posted sales of $2.2 million for February, an increase of 4% over February 2014 sales of $2.1 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were up 7% for the month while National Account group sales were down 100%, or $64,000, as sales to this customer group ended in April 2014. For the year to date, Wholesale Leathercraft sales are $4.5 million, increasing 2% over sales of $4.4 million for the same period a year ago. As of the end of February, the wholesale same store sales were up 7% compared to the same period last year while the National Account group's sales are up 100%. International Leathercraft reported February sales of $282,000, down 10% compared to February 2014 sales of $313,000. For the year to date, International Leathercraft sales were $631,000 compared to $722,000 in 2014, down 13%. All three stores in the segment have been opened for both periods, so same store sales for the month were the same as the segment's sales.

Chief Executive Officer and President, Jon Thompson, commented, "The majority of our stores continue to perform well. Our international stores look worse than they really are because of the strengthening US dollar. In their local currencies, these stores actually achieved a 1% sales gain in February."

Shannon L. Greene, Chief Financial Officer added, "We are pleased with our February sales results, even with the currency headwinds. Our international segment's year-to-date sales are down 3% compared to last year at this time, but that is much better than the 13% loss in US dollars. Based on the forecasts we've seen, the strength of the US dollar may continue for a while. So on paper, our international stores may be in for several months of flat to negative sales, when in reality, they continue to grow."

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