February 8, 2008
Tandy Leather Factory Inc reported that sales for the month of January were $4.4 million, a decrease of 4% from $4.6 million last year.
Retail Leathercraft's sales matched that of January 2007, totaling $2.0 million. The 64 comparable stores' sales were down 6% for the month compared to the same period last year. The 8 stores opened since January 2007 added January sales of $122,000.
Wholesale Leathercraft posted sales of $2.3 million for January, down 7% over January 2007 sales of $2.5 million. Within the Wholesale Leathercraft division, the wholesale centers' same store sales were down 10% for the month while the National Account group posted a January sales gain of 2%. Mid-Continent Leather Sales added sales of $59,000 for the month.
Chief Executive Officer and President, Ron Morgan, commented, "Although our goal is always to match or exceed last year's sales and we didn't quite get there in January, we are not surprised by the continued weakness in our sales.
As we have stated in both conference calls and previous press releases, we believe positive financial reports in 2008 will be the result of expense control, not sales gains. We reiterate our 2008 earnings guidance of 28 cents per share and will remain focused on controlling our operating expenses in order to meet that goal."
Tandy Leather Factory Inc
Source @ Fibre2fashion
