Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Fashion / TLF achieves a respectable sales gain in light of the economy
TLF achieves a respectable sales gain in light of the economy
06
Aug '08
Tandy Leather Factory Inc reported financial results for the second quarter of 2008. Consolidated net income for the quarter ended June 30, 2008 was $655,000 compared to consolidated net income of $397,000 for the second quarter of 2007. Fully diluted earnings per share for the quarter was $0.06, compared to $0.04 in the second quarter of last year. Total sales for the quarter ended June 30, 2008 were $13.8 million, up 4% from $13.4 million in the second quarter last year.

Consolidated sales for the six months ended June 30, 2008 were $27.1 million, down 3% from the 2007 first half sales of $27.9 million. Consolidated net income for the first half of 2008 was $1.2 million or $0.11 per fully-diluted share versus $1.7 million or $0.16 per fully-diluted share in the comparable period last year.

Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, increased $393,000 in the second quarter, a 7% improvement over last year's second quarter. Seventy-two stores comprised the Tandy Leather's retail operations on June 30, 2008, compared to sixty-eight retail stores a year ago. For the first six months of 2008, Tandy Leather sales increased $410,000, or 3%, over the first six months of 2007.

Second quarter sales for the Wholesale Leathercraft segment, which consists of the Leather Factory wholesale centers and national account group, basically matched that of the same quarter last year, reporting a $42,000 or a 1/2% increase. For the first six months of 2008, Wholesale Leathercraft's sales were down $1.2 million, or 8%, over the same period in 2007. International Leathercraft, consisting of one combination wholesale and retail store located in the United Kingdom, added sales of $194,000 and $235,000 for the quarter and year, respectively. This store was opened in February 2008.

Consolidated gross profit margin for the current quarter was 57.9%, improving slightly from 57.5% for the second quarter of 2007. For the first two quarters, consolidated gross profit margin for the current year was 58.1%, declining minimally from last year's gross profit margin of 58.4%. Consolidated operating expenses decreased $61,000 in the current quarter but increased $315,000 for the first six months over the same periods a year ago.

For the second quarter, the significant reductions in expenses occurred in personnel costs, rent, supplies and professional/consulting fees. For the year, the operating expenses associated with the new stores accounting for the increase in operating expenses. Consolidated operating margin improved for the quarter to 7.9% compared to 5.3% last year. On a year-to-date basis, consolidated operating margin declined from 9.5% last year to 6.7% in the current year.

Ron Morgan, Chief Executive Officer, commented, "While we are still behind in terms of sales and profits from where we were at this time last year, our second quarter results are positive. We achieved a respectable sales gain in light of the economy, gross profit margin rose slightly and our operating expenses were down, even with the several new stores in this quarter that didn't exist last year.


Must ReadView All

Courtesy: Asmara Group

Apparel/Garments | On 20th Sep 2018

Fragmented nature of Indian apparel sector major challenge

A major challenge for the Indian apparel sector is its fragmented...

Courtesy: Aditya Birla Retail

Apparel/Garments | On 20th Sep 2018

Indian Aditya Birla Retail to be acquired by Samara-Amazon

India’s Aditya Birla Group has signed a deal to sell Aditya Birla...

India's 2018-19 forward cotton export contract up by 100%

Textiles | On 20th Sep 2018

India's 2018-19 forward cotton export contract up by 100%

Rise in demand from China, lower domestic prices and depreciation of...

Interviews View All

Neel Sawhney, One Friday

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Top executives, Textile industry

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Manfred Mentges, Sedo Treepoint GmbH

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search