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Tandy Leather retail business is fairly solid in July
Aug '08
Tandy Leather Factory Inc reported that sales for the month of July were $4.2 million compared to $4.3 million in July 2007, down 2%. Year to date sales are down 3% at $31.4 million in the current year from $32.3 million last year. Tandy's UK store, which opened in mid-February, reported July sales of $89,000 and $326,000 year-to-date.

Retail Leathercraft posted a 6% sales increase for July, with sales totaling $2.0 million compared to $1.9 million in July 2007. The 68 comparable stores posted a 3% same store sales gain for the month. The 4 stores opened in or after July 2007 added sales for the month of $73,000. Year-to-date sales for Retail Leathercraft are $14.5 million this year, a 3% increase over year-to-date 2007 sales of $14.1 million. As of the end of July, same store sales were down 2% for the year.

Wholesale Leathercraft posted sales of $2.0 million for July, down 12% from July 2007 sales of $2.4 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 13% for the month while the National Account group posted a July sales decline of 7%. For the year to date, Wholesale Leathercraft sales are $16.0 million compared to $17.5 million in 2007, a loss of 8%. The stores and National Accounts posted a 9% and 5% sales decline for the year, respectively.

Chief Executive Officer, Ron Morgan, commented, "Again this month, as was the case in June, our retail business is fairly solid, all things considered. It's our wholesale business that continues to struggle. In looking at the wholesale stores individually, we had half of the stores with sales gains and half with sales losses. Unfortunately, the losses more than offset the gains. As we have mentioned numerous times, this is a tough environment but we will get through it. It takes a lot of extra effort and probably more importantly, patience."

Shannon Greene, Chief Financial Officer and Treasurer, added, "Our Canada stores again outperformed the US stores as they contributed sales gains in both divisions (Retail and Wholesale). And we continue to be pleased with the revenue at our UK store. Despite the difficult economic situation, we are holding our own in most areas of our business."

Tandy Leather Factory Inc

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