FORT WORTH, Texas, June 5, 2014 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of May were $6.4 million, up 8% compared to May 2013 sales of $5.9 million. Year to date sales are up 4% to $33.7 million in the current year from $32.5 million last year.
Retail Leathercraft's sales rose 14% to $3.9 million compared to May 2013 sales of $3.5 million. The 76 comparable stores' sales were up 12% for the month compared to the same period last year. The four stores opened since May 2013 added May sales of $126,000. Year-to-date sales for Retail Leathercraft are $20.6 million this year, a 6% increase over sales of $19.4 million for the same period of 2013. As of the end of May, the 76 comparable stores' sales were up 4% compared to sales reported for the same period in 2013.
Wholesale Leathercraft posted sales of $2.0 million for May, down 2% compared to May 2013 sales of $2.1 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were up 4% for the month while National Account group sales were down 100%, or $118,000, as sales to this customer group ended in April. For the year to date, Wholesale Leathercraft sales are $11.4 million, equal to that of May 2013 sales. As of the end of May, the wholesale same store sales were up 1% compared to the same period last year while the National Account group's sales were down 27%.
International Leathercraft reported May sales of $369,000, up 12% compared to May 2013 sales of $329,000. For the year to date, International Leathercraft sales were $1.8 million compared to $1.7 million in 2013, up 4%. 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, "Our May sales were very solid, reporting the highest month over month sales gain since last October. After a weak April, our international stores came back strong this month. With only a few exceptions, all of our stores had a great month."
Shannon L. Greene, Chief Financial Officer added, "We have added some new leathers into our line this year, resulting in a higher inventory investment. Some of those new leathers arrived in the stores last month and our customers loved them, as evidenced by our strong May sales. The balance between inventory levels and sales is critical – so we are carefully managing that balance to maintain the sales momentum without overstocking product. We will know by the end of the year if we hit the right balance."
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.