Tandy Leather Factory (TLF) Sales Slipped 1% in Nov.

Tandy Leather Factory (NASDAQ: TLF) reported that sales for the month of November were $8.3 million, down 1% compared to November 2014 sales of $8.4 million. Year to date sales were $75.3 million, up 1% compared to sales of $74.8 million in the same period last year.

Retail Leathercraft’s sales increased 1% to $5.4 million compared to November 2014 sales of $5.3 million. The 80 comparable stores’ sales equaled that of November last year. The two stores opened since November 2014 added November sales of $90,000. Year-to-date sales for Retail Leathercraft are $47.9 million this year, a 4% increase over sales of $46.2 million for the same period of 2014. As of the end of November, the 79 comparable stores’ sales were up 2% compared to sales reported for the same period in 2014.

Wholesale Leathercraft posted sales of $2.6 million for November, down 3% compared to November 2014 sales of $2.7 million. Within the Wholesale Leathercraft division, same store sales were down 3%. For the year to date, Wholesale Leathercraft sales are $24.1 million, down 2% from sales of $24.7 million for the same period a year ago. As of the end of November, the wholesale same store sales were up 1% compared to the same period last year.

International Leathercraft reported November sales of $329,000, down 17% compared to November 2014 sales of $398,000. Same store sales were down 31%. One new store was opened in October 2015 adding sales of $54,000. For the year to date, International Leathercraft sales were $3.3 million compared to $3.9 million in 2014, down 14%. As of the end of November, same store sales were down 16%.

Chief Executive Officer and President, Jon Thompson, commented, “We came close to matching last year’s record sales in November, short by less than $100,000. Our Black Friday weekend sales were up slightly with higher margins compared to a year ago so our goal to improve gross margins in this fourth quarter compared to last year has been achieved so far, with one month remaining.”

Chief Financial Officer and Treasurer, Shannon L. Greene, added, “Our November sales were better than they look on paper but continue to be negatively impacted by the currency exchange rates this year versus last year. If rates were steady, we would be reporting a 1% sales gain for the month rather than a 1% decline and our International stores would be reporting a 6% decline, rather than a 31% decline. Despite the sales results, gross profit margins were higher in November than a year ago.”

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