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TLF achieves a respectable sales gain in light of the economy
06 Aug '08
4 min read
I think that demonstrates that we are making good decisions to keep the company headed in the right direction. We said in previous releases that we could get our expenses under control, after making some mistakes last year. I hope this quarter's results speak loudly to that."
Mr. Morgan continued, "We are very pleased with the growth from our UK store despite the fact that the inflation rate is higher than expected and economists there are expecting consumer spending to tighten. Our presence has been well received and it certainly shows in the financial performance of our store as it generated a profit in the month of June. It is performing ahead of our expectations as we continue to add to our customer base throughout Europe."
Chief Financial Officer, Shannon Greene, added, "Our goal has been less inventory, less expense and more cash and we achieved all three in the second quarter. Inventory is down $2 million from year-end 2007 and our cash is up almost $3 million during that same time period. But more importantly, we reduced our operating expenses in the second quarter.
The consolidated expense reduction was only $61,000, which doesn't sound like much, but when you consider that the operating expenses in the new stores totaled $250,000, the reduction becomes a greater achievement. Our work is not over however. Inventory is almost too low now so as we move through the third quarter, I expect it to increase slightly. But we will continue to focus on controlling expenses in order to maximize earnings for the year."
Mr. Morgan continued, "We are very pleased with the growth from our UK store despite the fact that the inflation rate is higher than expected and economists there are expecting consumer spending to tighten. Our presence has been well received and it certainly shows in the financial performance of our store as it generated a profit in the month of June. It is performing ahead of our expectations as we continue to add to our customer base throughout Europe."
Chief Financial Officer, Shannon Greene, added, "Our goal has been less inventory, less expense and more cash and we achieved all three in the second quarter. Inventory is down $2 million from year-end 2007 and our cash is up almost $3 million during that same time period. But more importantly, we reduced our operating expenses in the second quarter.
The consolidated expense reduction was only $61,000, which doesn't sound like much, but when you consider that the operating expenses in the new stores totaled $250,000, the reduction becomes a greater achievement. Our work is not over however. Inventory is almost too low now so as we move through the third quarter, I expect it to increase slightly. But we will continue to focus on controlling expenses in order to maximize earnings for the year."
Tandy Leather Factory Inc
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