Tandy Leather Factory (TLF) Reports June Same-Store Sales
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Tandy Leather Factory, Inc. (AMEX: TLF) reported sales for the month of June were $4.5 million, the same as in June 2007. Year-to-date sales are down 3% at $27.1 million in the current year from $28.0 million last year. Tandy's new UK store, which opened in mid-February, reported June sales of $94,000 and $237,000 year-to-date.
Retail Leathercraft posted a 2% sales increase for June, with sales totaling $2.1 million compared to $2.0 million in June 2007. The 68 comparable stores posted a 1% same store sales loss for the month. The 4 stores opened in or after June 2007 added sales for the month of $72,000.
Wholesale Leathercraft posted sales of $2.3 million for June, down 5% from June 2007 sales of $2.4 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 7% for the month while the National Account group posted a June sales gain of 13%.
Chief Executive Officer and President, Ron Morgan, commented, "All things considered, we're holding our own on the Retail side of the business, although the slight same store sales loss is disappointing after achieving gains for the two prior months. Wholesale continues to show significant weakness although the majority of the sales losses are contained within a handful of stores. Our UK store continues to be a bright spot for us. We held its grand opening the last week of June and were very pleased with the response from customers. I expect we'll see steady top-line growth from that store for a while."
Retail Leathercraft posted a 2% sales increase for June, with sales totaling $2.1 million compared to $2.0 million in June 2007. The 68 comparable stores posted a 1% same store sales loss for the month. The 4 stores opened in or after June 2007 added sales for the month of $72,000.
Wholesale Leathercraft posted sales of $2.3 million for June, down 5% from June 2007 sales of $2.4 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 7% for the month while the National Account group posted a June sales gain of 13%.
Chief Executive Officer and President, Ron Morgan, commented, "All things considered, we're holding our own on the Retail side of the business, although the slight same store sales loss is disappointing after achieving gains for the two prior months. Wholesale continues to show significant weakness although the majority of the sales losses are contained within a handful of stores. Our UK store continues to be a bright spot for us. We held its grand opening the last week of June and were very pleased with the response from customers. I expect we'll see steady top-line growth from that store for a while."
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