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Retail Leathercraft represents 4% improvement in 2007
22
Feb '08
Tandy Leather Factory Inc reported financial results for the fourth quarter and year ended December 31, 2007. Consolidated net income for the quarter was $1.2 million compared to consolidated net income of $1.4 million for the fourth quarter of 2006. Fully diluted earnings per share for the quarter were $0.11, compared to $0.13 for the same quarter of the previous year.

Total sales for the quarter ended December 31, 2007 decreased 1% to $14.6 million from $14.8 million for the fourth quarter of 2006. Consolidated sales for the year ended December 31, 2007 were $55.3 million, virtually the same as 2006 sales of $55.2 million. Consolidated net income for 2007 was $3.1 million or $0.28 per fully-diluted share versus $4.8 million or $0.43 per fully-diluted share for 2006.

Sales in the Retail Leathercraft division for the fourth quarter of 2007 increased $248,000 over the previous year's fourth quarter, representing a 4% improvement. Seventy-two Tandy Leather retail stores comprised Retail Leathercraft's operations on December 31, 2007, compared to sixty-two retail stores a year earlier. Ten new stores were opened in 2007 between January and October. For 2007, Retail Leathercraft's sales increased $2.1 million, or 9%, over 2006.

Fourth quarter sales for the Wholesale Leathercraft division decreased $319,000 over the same quarter of 2006, a 4% reduction. Same store sales decreased $500,000, or 7%, while national account sales were up $20,000, or 2%. Mid-Continent Leather Sales added sales of $166,000 in the fourth quarter.


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