FORT WORTH, Texas, Jan. 3, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of December were $7.6 million, up 5% compared to December 2011 sales of $7.2 million. 2012 sales are up 10% to $72.7 million in the current year from $66.4 million last year.
Retail Leathercraft's sales rose 9% to $4.8 million compared to December 2011 sales of $4.4 million. The 77 stores comparable stores reported a same store sales increase of 8% over the same period last year, while the one new store opened in November added sales of $42,000. 2012 sales for Retail Leathercraft are $42.6 million this year, a 13% increase over sales of $37.5 million for 2011. For 2012, the 76 comparable stores' sales were up 13% compared to sales reported for 2011.
Wholesale Leathercraft posted sales of $2.5 million for December, down 6% compared to December 2011 sales of $2.7 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 5% for the month while the National Account group's sales were down 77% from December 2011. For the year, Wholesale Leathercraft sales are $26.9 million compared to $26.7 million for 2011, up 1%. The wholesale same store sales were up 6% for 2012 compared to 2011 and the National Account group's sales are down 44%.
International Leathercraft reported December sales of $306,000, up 65% compared to December 2011 sales of $186,000. December same store sales, consisting of the UK and Australia stores, were up 37% compared to December 2011, while the new Spain store, opened in January 2012, added December sales of $52,000. For the year, International Leathercraft sales were $3.2 million compared to $2.1 million in 2011, up 52%. For 2012, same store sales were up 2% compared to sales reported for 2011.
Chief Executive Officer and President, Jon Thompson, commented, "We had a strong finish to 2012 and met our sales guidance for the year. We also set a new monthly and annual sales record and we are certainly proud of that accomplishment, given the economic environment. Our stores, domestic and international, are performing well."
Shannon L. Greene, Chief Financial Officer, added, "We ended the fourth quarter with a 9% sales gain, with sales of $20.7 million, which is a new quarterly sales record for us. We sold a good amount of product during the quarter, and as a result, our cash balances are up. It is a nice way to end the 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, 78 Tandy Leather retail stores, located in 37 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.
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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.