Tandy Leather Dec sales weak, but not surprising

11 Jan '08

3 min read

The 10 stores opened after November 2006 added sales for the month of $194,000. Sales for the month for the wholesale division were $2.4 million, down 4% or $90,000 from $2.5 million in December 2006. The wholesale stores reported an 8% same store sales loss while the National Account group posted a December sales gain of 30%. Mid-Continent Leather Sales added sales of $52,000 for the month.

Consolidated sales for the fourth quarter were flat against fourth quarter sales in 2006. Retail Leathercraft produced a 3% gain for the quarter, although the same stores reported a 5% same store sales loss. Wholesale Leathercraft reported a 2% loss for the quarter, with the same stores down 5% and National Accounts up 2%.

Shannon L. Greene, Chief Financial Officer and Treasurer, commented, "Our December sales were weak, but frankly not surprising. The retail sector is struggling and as a result, I don't think anyone is expecting record sales this holiday season. Traffic in our stores was not as strong as we've seen in years past for December. We are fortunate that our sales are spread pretty evenly throughout the year and we are not relying on the fourth quarter to generate a large portion of our annual sales like many other retailers."

Ms. Greene continued, "We are looking ahead to a better year in 2008 with tighter expense control as we do not expect sales to grow significantly. We are on schedule with our UK expansion plans and are still looking at a February opening date. We are encouraged by the inquiries we receive from potential customers who are anxious for us to open for business there."

Tandy Leather Factory Inc

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