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Retail Leathercraft posts 3% sales decline for October

10
Nov '08

Tandy Leather Factory Inc reported that sales for the month of October were $4.5 million compared to $4.9 million in October 2007, down 8%. Year-to-date sales are down 4% to $43.9 million in the current year from $45.8 million last year. Tandy's UK store, which opened in mid-February, reported October sales of $110,000 and $670,000 year-to-date.

Retail Leathercraft posted a 3% sales decline for October, with sales totaling $2.0 million compared to $2.1 million in October 2007. The 72 comparable stores posted a 4% same store sales loss for the month. The store opened in or after October 2007 added sales for the month of $25,000. Year-to-date sales for Retail Leathercraft are $20.4 million this year, a 1% increase over year-to-date 2007 sales of $20.1 million. As of the end of October, same store sales were down 3% for the year.

Wholesale Leathercraft posted sales of $2.2 million for October, down 15% from October 2007 sales of $2.6 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were down 15% for the month while the National Account group posted an October sales decline of 16%. For the year to date, Wholesale Leathercraft sales are $22.2 million compared to $24.7 million in 2007, a loss of 10%. The stores and National Accounts posted an 11% and 7% sales decline for the year, respectively.

Chief Executive Officer, Ron Morgan, commented, "The economy continues to impact businesses worldwide and we are not immune as evidenced by our October sales. We are working on the development of new or enhanced sales programs - expanding our product offerings for children and developing a curriculum for educators, for example - as well as while sticking with proven, more traditional leather work programs in order to generate sales. And we will continue to manage expenses closely in order to maximize profitability given the very difficult retail environment."

Tandy Leather Factory Inc

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