FORT WORTH, Texas, Jan. 8, 2015 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of December were $8.9 million, up 18% compared to December 2013 sales of $7.6 million. 2014 sales were up 7% to $83.7 million compared to 2013 sales of $78.5 million.
Retail Leathercraft's sales rose 22% to $5.8 million compared to December 2013 sales of $4.8 million. The 77 comparable stores' sales were up 19% for the month compared to the same period last year. The five stores opened since December 2013 added December sales of $278,000. 2014 sales for Retail Leathercraft were $52.0 million, a 10% increase over 2013 sales of $47.1 million. The 76 comparable stores' 2014 sales were up 8% compared to sales reported for 2013.
Wholesale Leathercraft posted sales of $2.7 million for December compared to sales of $2.5 million in December 2013. Within the Wholesale Leathercraft division, the wholesale same store sales were up 11% compared to December 2013 sales while National Account group sales were down 100%, or $39,000, as sales to this customer group ended in April. For 2014, Wholesale Leathercraft sales were $27.4 million, down ¼% compared to 2013. The wholesale same store sales were up 3% for the year while the National Account group's sales were down 72%.
International Leathercraft reported December sales of $400,000, up 26% compared to December 2013 sales of $318,000. For 2014, International Leathercraft sales were $4.3 million compared to $3.9 million for 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, "We set another monthly sales record in December, with sales of almost $9 million. Better yet, our gross profit margin overall for December was higher than we anticipated. We are very pleased with the way our year ended."
Shannon L. Greene, Chief Financial Officer added, "Our sales were very strong in the fourth quarter as we achieved a 9% quarterly sales gain compared to last year. As was the case in November, we sold through a large amount of inventory in December, which resulted in our inventory levels at year-end being more in line with our expectations and an improving cash 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 28 Leather Factory stores, located in 18 states and 3 Canadian provinces, 82 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.