Tandy Leather Factory (TLF) Reports July Sales Increase
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Tandy Leather Factory, Inc. (AMEX: TLF) reported that sales for the month of July were $4.3 million, an increase of 11% from $3.9 million last year. Year-to-date sales are up 2% to $32.4 million in the current year from $31.7 million last year.
Retail Leathercraft posted a 17% sales increase for July, with sales totaling $1.9 million compared to $1.6 million in July 2006. The 61 comparable stores posted an 11% same store sales gain for the month.
Wholesale Leathercraft posted sales of $2.3 million for July, up 6% from July 2006 sales of $2.2 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were up 5% for the month while the National Account group posted a July sales decline of 16%.
Shannon Greene, Chief Financial Officer, added, "We are not pleased with our second quarter earnings. We didn't tighten up enough on expenses to match the sales. However, if July is any indication of our performance in the last half of the year, I believe we can make up some of the weakness in sales and earnings from the first half. We will certainly be focusing our efforts toward that end."
Retail Leathercraft posted a 17% sales increase for July, with sales totaling $1.9 million compared to $1.6 million in July 2006. The 61 comparable stores posted an 11% same store sales gain for the month.
Wholesale Leathercraft posted sales of $2.3 million for July, up 6% from July 2006 sales of $2.2 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were up 5% for the month while the National Account group posted a July sales decline of 16%.
Shannon Greene, Chief Financial Officer, added, "We are not pleased with our second quarter earnings. We didn't tighten up enough on expenses to match the sales. However, if July is any indication of our performance in the last half of the year, I believe we can make up some of the weakness in sales and earnings from the first half. We will certainly be focusing our efforts toward that end."
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