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Thanksgiving weekend sales up at Tandy Leather

Dec '08
Tandy Leather Factory Inc reported that sales for the month of November were $4.6 million compared to $4.9 million in November 2007, down 8%. Year to date sales are down 5% to $48.5 million in the current year from $50.8 million last year. Tandy's UK store, which opened in mid-February, reported November sales of $83,000 and $753,000 year-to-date.

Retail Leathercraft posted November sales of $2.2 million, the same as November 2007. The 72 comparable stores posted a 2% same store sales loss for the month. The store opened in or after November 2007 added sales for the month of $30,000. Year-to-date sales for Retail Leathercraft are $22.6 million this year, a 1% increase over year-to-date 2007 sales of $22.4 million. As of the end of November, same store sales were down 3% for the year.

Wholesale Leathercraft posted sales of $2.2 million for November, down 16% from November 2007 sales of $2.6 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were down 13% for the month while the National Account group posted a November sales decline of 40%. For the year to date, Wholesale Leathercraft sales are $24.4 million compared to $27.3 million in 2007, a loss of 11%. The stores and National Accounts posted an 11% and 10% sales decline for the year, respectively.

Chief Executive Officer, Ron Morgan, commented, "While our November sales overall continue their weak trend, we had great success with our Thanksgiving weekend sales, achieving a 15% sales gain compared to Thanksgiving weekend of 2007. More specifically, our retail and wholesale stores posted gains of 12% and 20%, respectively, for those two days. And most importantly, we earned those sales without sacrificing profit margins."

Tandy Leather Factory Inc

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