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Tandy Leather Dec sales weak, but not surprising
11
Jan '08
Tandy Leather Factory Inc reported that it finished the year with a 1% sales gain over 2006. 2007 sales totaled $55.7 million compared to $55.2 million last year. Retail Leathercraft ended 2007 with a 10% sales gain, reporting annual sales of $24.8 million compared to 2006 sales of $22.5 million.

The 52 same stores achieved a minimal sales gain for the year. The 20 new stores contributed 2007 sales of almost $4 million. Wholesale Leathercraft ended 2007 with a 3% sales decline. 2007 sales totaled $29.7 million, down $1 million from 2006 sales of $30.7 million. The wholesale stores' same store sales for 2007 were down 4% compared to 2006 and National Accounts ended the year with a 15% loss. Mid-Continent Leather Sales added $720,000 in sales for the year.

Chief Executive Officer and President, Ron Morgan, commented, "We ended the year with a sales gain, albeit a minimal one. That is certainly better than the alternative. Looking ahead, given the economic environment, positive financial reports will be the result of expense control, not sales gains.

We have been successful in our efforts to reduce our inventory as it decreased $1.5 million through the first 60 days of the quarter and I expect another $1 million decrease in December. Cash at year-end approximately $6.5 million, up $3 million since September 30. We will continue our expense cutting efforts as our goal for 2008 is to maintain or increase profits on little or no sales growth.

Sales for the month of December were $4.9 million, down 5% from December 2006 sales of $5.2 million. Sales for December for the retail division were down 4.3% to $2.4 million compared to December sales last year of $2.6 million. The 62 comparable stores posted a 12% same store sales decline for the month.


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