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Sales decline at Fort Worth-based Tandy Leather

11
Apr '08
Tandy Leather Factory Inc reported that sales for the month of March were $4.4 million, down 17% from March 2007 sales of $5.3 million. Year-to-date sales are down 9% to $13.3 million in the current year from $14.5 million last year. Tandy's new UK store, which opened in mid-February, reported March sales of $30,000.

Retail Leathercraft posted a 4% sales decrease for March, with sales totaling $2.1 million compared to $2.2 million in March 2007. The 65 comparable stores posted a 9% same store sales loss for the month. The 7 stores opened in or after March 2007 added sales for the month of $108,000. Year-to-date sales for Retail Leathercraft are $6.3 million this year, equal to that of the same period in 2007. As of the end of March, same store sales were down 6% for the year.

Wholesale Leathercraft posted sales of $2.2 million for March, down 25% from March 2007 sales of $2.9 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 17% for the month while the National Account group posted a March sales decline of 67%.

For the year to date, Wholesale Leathercraft sales are $6.7 million compared to $7.9 million in 2007, a loss of 15%. The comparable wholesale stores posted a 12% sales decline for the year, while National Accounts reported a 34% sales loss. Mid-Continent's year-to-date sales were $160,000, down 11% from the same period in 2007.

Chief Executive Officer and President, Ron Morgan, commented, "In light of the difficult retail environment and the uncertainties in the U.S. economy overall, we are not really surprised with our March sales results. While there aren't too many good things to say about our sales in general, there are a few bright spots: Our Canadian stores continue to achieve sales gains which leads me to believe that their economy isn't struggling as much as the U.S. yet.


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