FORT WORTH, Texas, March 6, 2014 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of February were $6.3 million, equal to that of February 2013 sales. Year to date sales are up 3% to $12.9 million in the current year from $12.6 million last year.
Retail Leathercraft's sales rose 2% to $3.9 million compared to February 2013 sales of $3.8 million. The 76 comparable stores' sales were up 1% for the month compared to the same period last year. The four stores opened since February 2013 added February sales of $111,000. Year-to-date sales for Retail Leathercraft are $7.8 million this year, a 4% increase over sales of $7.5 million for the same period of 2013. As of the end of February, the 76 comparable stores' sales were up 3% compared to sales reported for the same period in 2013.
Wholesale Leathercraft posted sales of $2.1 million for February, down 4% compared to February 2013 sales of $2.2 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were down 4% for the month and the National Account group's sales were down 3%. For the year to date, Wholesale Leathercraft sales are $4.4 million, matching sales for the same period a year ago. As of the end of February, the wholesale same store sales were down 1% compared to the same period last year while the National Account group's sales are up 8%.
International Leathercraft reported February sales of $313,000, up 5% compared to February 2013 sales of $300,000. For the year to date, International Leathercraft sales were $722,000 compared to $663,000 in 2013, up 9%. 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, "February was a challenge but we managed to match last year's sales for the month. We opened a new store in February, expanding our local presence in the Austin, Texas market. Despite the less than perfect conditions in the retail sector, we are moving forward with our growth plans by increasing the size of our existing stores and opening new ones as appropriate."
Shannon L. Greene, Chief Financial Officer added, "We are seeing mixed reports about consumer confidence so far in 2014 and like other specialty retailers selling non-essential goods, we are competing for our customers' discretionary dollars. While the general consensus is that the domestic economy continues to improve, albeit very slowly, it is difficult to predict where the ups and downs are going to occur through the process. While we do not provide monthly or quarterly guidance, we will be announcing our 2014 annual revenue and earnings guidance later this morning and are expecting another positive sales year."
Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.com), headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 80 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and three combination wholesale/retail stores located in the United Kingdom, Australia, and Spain. Its common stock trades on the Nasdaq with the symbol "TLF". To be included on Tandy Leather Factory's email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source:Tandy Leather Factory, Inc.