Sales decline at Fort Worth-based Tandy Leather

11 Apr '08

3 min read

Our UK store's sales are encouraging, especially when you consider that we have not yet started a local advertising program there. It's really too early to tell, but I think we are going to look back at the timing of our international expansion and know that the decision was a good one.

We realize that our sales are disappointing as we all like top-line growth. However, we can and expect to be profitable, even when sales are tough. As we have emphasized during the last few months, expense control will be the key to success and survival during the current economic environment."

Shannon Greene, Chief Financial Officer and Treasurer, added, "Looking at our balance sheet at February 29, we had $8.5 million of cash on hand (up $1.7 million from year-end), which constitutes more than 28% of our current market cap, and we decreased our investment in inventory by $1.5 million from year-end 2007.

I expect our March balance sheet to look similar. We recognize that we are in a tough retail environment. Despite the circumstances, economic or otherwise, we believe strongly in the long-term potential of this company and will do what it takes to be successful."

Tandy Leather Factory Inc

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