Home / Knowledge / News / Fashion / Tandy Leather Dec sales weak, but not surprising
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.


Must ReadView All

Trump signs revised free trade agreement with S Korea

Textiles | On 25th Sep 2018

Trump signs revised free trade agreement with S Korea

President Donald Trump signed a revised free trade agreement with...

L-R: Jonathan Akeroyd, Donatella Versace, John D Idol. Courtesy: Rahi Rezvani

Fashion | On 25th Sep 2018

Michael Kors to acquire Versace; to be renamed Capri

Michael Kors Holdings Limited, a global fashion luxury group, has...

'India can take up lack of capacity in US, China markets'

Textiles | On 25th Sep 2018

'India can take up lack of capacity in US, China markets'

India can now take up the lack of capacity in the US and Chinese...

Interviews View All

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Victor Chao, Esmetex

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search