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Tandy Leather's consolidated gross profit margins fall
08 May '08
2 min read
Expenses associated with new stores, accelerated depreciation expense on leasehold improvements abandoned during the quarter, and expenses associated with the move of the central warehouse, factory, corporate and support departments to its new facility were the primary contributors to the additional expense.
Ron Morgan, Chief Executive Officer and President, commented, "We knew, and stated publicly, that our earnings this quarter would not be as strong as last year's first quarter. As expected, sales were weak and we had some unusual expenses in the first quarter. The move of our corporate offices at the end of the quarter went better than expected and the UK store is showing good potential. It missed reporting a profit in March by just a few hundred dollars so I expect it to begin adding to our profits in the second quarter."
Ron Morgan, Chief Executive Officer and President, commented, "We knew, and stated publicly, that our earnings this quarter would not be as strong as last year's first quarter. As expected, sales were weak and we had some unusual expenses in the first quarter. The move of our corporate offices at the end of the quarter went better than expected and the UK store is showing good potential. It missed reporting a profit in March by just a few hundred dollars so I expect it to begin adding to our profits in the second quarter."
Tandy Leather Factory Inc
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