FORT WORTH, Texas, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of July were $6.5 million, up 12% compared to July 2012 sales of $5.8 million. Year to date sales are up 10% to $44.9 million in the current year compared to $40.8 million last year.
Retail Leathercraft's sales rose 16% to $3.9 million compared to July 2012 sales of $3.4 million. The 77 comparable stores' sales were up 15% compared to the same period last year. The one store opened after July 2012 added July sales of $39,000. Year-to-date sales for Retail Leathercraft are $26.8 million, a 14% increase over sales of $23.5 million for the same period of 2012. As of the end of July, the 77 comparable stores' sales were up 13% compared to sales reported for the same period in 2012.
Wholesale Leathercraft posted sales of $2.3 million for July, up 8% compared to July 2012 sales of $2.1 million. Within the Wholesale Leathercraft division, compared to July 2012, wholesale same store sales were up 8% and the National Account group's sales were up 10%. National Account sales were $161,000 for the month compared to $147,000 in July last year. For the year to date, Wholesale Leathercraft sales are $15.8 million, up 2% from last year's sales of $15.5 million. As of the end of July, the wholesale same store sales were up 4% compared to the same period last year and the National Account group's sales were down 29%.
International Leathercraft reported July sales of $303,000, up 6% compared to July 2012 sales of $287,000. For the year to date, International Leathercraft sales were $2.3 million compared to $1.8 million last year, up 27%. 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, "July was a solid month for us with ninety-five percent of our stores reporting sales gains. Our wholesale stores rebounded nicely after June's negative same store sales results. We continue to invest heavily in advertising and marketing, both domestically and internationally, as we believe it has a positive impact on our sales. We are closely monitoring those expenses as it is easy to over-spend without adding significant benefit. So far, it appears to be paying off."
Shannon L. Greene, Chief Financial Officer, added, "Our third quarter is off to a good start with strong July sales. As we look toward the last half of the year, we have completed the majority of the store moves planned for this year and will complete the remaining few in the third quarter. We started building inventory at the end of June and will continue to do so throughout the third quarter in anticipation of a solid fourth quarter. We are also working on our annual catalog to be released on October 1, in which we will be introducing new products into our line."
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.
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.