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Tandy Leather's consolidated gross profit margins fall

May '08
Tandy Leather Factory Inc reported financial results for the first quarter of 2008. Net income for the quarter ended March 31, 2008 was $584,000, down from net income of $1.3 million in the first quarter of 2007. Fully-diluted earnings per share for the quarter was $0.05 in the current quarter, compared to $0.12 in last year's first quarter. Total sales for the first quarter were $13.3 million, down 9% from $14.5 million in the same quarter last year.

Sales from the Retail Leathercraft operation, consisting of the Tandy Leather retail store chain, increased $16,000 in the first quarter, virtually the same as last year's first quarter sales of $6.3 million. The chain consists of seventy-two stores as of March 31, 2008, compared to sixty-five retail stores a year ago.

First quarter sales for the Wholesale Leathercraft operation, consisting of the Leather Factory wholesale centers and the National Account group, decreased $1.2 million or 15% over the same quarter last year. International Leathercraft, consisting of one combination wholesale and retail store located in the United Kingdom, added sales of $42k for the quarter. This store was opened in February 2008.

Consolidated gross profit margins decreased from 59.3% in the first quarter of 2007 to 58.4% in the first quarter of 2008. Operating expenses increased from $6.6 million in the first quarter of 2007 to $7.0 million in the first quarter of 2008, increasing as a percentage of revenue from 45.8%in 2007 to 52.9% in 2008.

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