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Tandy Leather UK store sales ramp up in May

06
Jun '08
Tandy Leather Factory Inc reported that sales for the month of May were $4.5 million, down 1% from May 2007 sales of $4.6 million. Year-to-date sales are down 4% to $22.6 million in the current year from $23.5 million last year. Tandy's new UK store, which opened in mid-February, reported May sales of $58,000.

Retail Leathercraft posted an 8% sales increase for May, with sales totaling $2.0 million compared to $1.9 million in May 2007. The 67 comparable stores posted a 3% same store sales gain for the month. The 5 stores opened in or after May 2007 added sales for the month of $86,000. Year-to-date sales for Retail Leathercraft are $10.4 million this year, up 3% over last year's sales of $10.1 million. As of the end of May, same store sales were down 3% for the year.

Wholesale Leathercraft posted sales of $2.4 million for May, down 8% from May 2007 sales of $2.6 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 10% for the month while the National Account group posted a May sales gain of 3%.

For the year to date, Wholesale Leathercraft sales are $11.7 million compared to $12.7 million in 2007, a loss of 8%. The comparable wholesale stores posted a 9% sales decline for the year, while National Accounts reported an 8% sales loss. Mid-Continent's year-to-date sales were $260,000, down 22% from the same period in 2007.

Chief Executive Officer and President, Ron Morgan, commented, "For the retail stores, this is the first back-to-back same store sales gain since July/August of last year so that is good to see. The wholesale stores struggled in May, which is frustrating after performing so well in April. The Canada stores are still outperforming the US stores in terms of sales gains.

All nine Canada stores, retail and wholesale, reported sales gains in May. Our UK store is ramping up well as its sales have increased nicely every month since we opened the store. In this tough economic environment, particularly in the US, we'll take all of the small successes we can get and do what we can to keep the disappointments to a minimum."

Tandy Leather Factory Inc


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