Tandy Leather's retail leathercraft segment goes up 38%
02 Aug '05
4 min read
Leathercraft professionals Tandy Leather Factory Inc reported financial results for the second quarter of 2005. Consolidated net income for the quarter ended June 30, 2005, was $787,000 compared to consolidated net income of $516,000 for the second quarter of 2004. Fully diluted earnings per share for the quarter were $0.07, compared to $0.05 in the second quarter of last year.
Total sales for the quarter ended June 30, 2005, increased 11.2 percent to $12.2 million from $10.9 million for the same quarter last year.
Consolidated sales for the six months ended June 30, 2005, were $24.9 million, an increase of 7.6 percent over 2004 first half total sales of $23.1 million. Consolidated net income for the first half of 2005 was $1.8 million or $0.17 per fully diluted share versus $1.5 million or $0.14 per fully-diluted share in the comparable period last year.
Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, increased $1.1 million in the second quarter, a 38 percent improvement over last year's second quarter. Forty-six stores comprised the Tandy Leather's retail operations on June 30, 2005, compared to thirty-two retail stores a year ago.
Two stores were added in the second quarter of 2005, bringing the total number of new stores added in 2005 to four as of the end of the quarter. For the first six months of 2005, Tandy Leather sales increased $2.2 million, or 36 percent, over the first six months of 2004. Second-quarter sales for the Wholesale Leathercraft segment, which consists of the Leather Factory wholesale centers and national account group, increased $241,000 over the same quarter last year, a 3.3 percent increase.