FORT WORTH, Texas, Jan. 5, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of December were $7.2 million, up 16% compared to December 2010 sales of $6.2 million. 2011 sales are up 11% to $66.4 million in the current year from $59.9 million last year.
Retail Leathercraft's sales rose 20% to $4.4 million compared to December 2010 sales of $3.7 million. For the month, the 76 comparable stores' sales were up 19% compared to the same period last year. The one store opened since December 2010 added December sales of $43,000. 2011 sales for Retail Leathercraft are $37.5 million, a 16% increase over sales of $32.3 million for 2010. 2011 sales for the 75 comparable stores were up 15% compared to 2010 sales.
Wholesale Leathercraft posted sales of $2.7 million for December, up 10% compared to December 2010 sales of $2.4 million. Within the Wholesale Leathercraft division, same store sales were down 2% compared to December 2010 while the National Account group's sales were up 273% for the month. For the year, Wholesale Leathercraft sales are $26.7 million compared to $25.9 million in 2010, up 3%. 2011 same store sales increased 4% compared to last year and the National Account group's sales were up 4% from 2010.
International Leathercraft, consisting of two stores, reported December sales of $186,000, up 25% compared to December 2010. The UK store posted a sales decline of 6% in December, while the new Australia store, opened in October, added December sales of $46,000. 2011 sales totaled $2.1 million this year, a 26% increase over sales of $1.7 million for 2010. The UK store reported a 20% sales gain for 2011 while the Australia store added 2011 sales of $107,000.
Chief Executive Officer and President, Jon Thompson, commented, "We had a strong sales finish to 2011 and for the second year in a row, 90% of our stores reported sales gains for the year. We moved a lot of inventory in the fourth quarter, resulting in a decrease in our investment in inventory and an increase in our cash at year-end."
Shannon L. Greene, Chief Financial Officer, added, "We beat our 2011 earnings guidance, estimated at $64-66 million, and are certainly pleased with that. We set new monthly, quarterly, and annual sales records in 2011 – a nice achievement – and we did so without pressuring gross margins with excessive discounting."
Tandy Leather Factory, Inc., http:/www.tandyleatherfactory.com">(http://www.tandyleatherfactory.com), headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 29 Leather Factory stores, located in 19 states and 3 Canadian provinces, 77 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and two combination wholesale/retail stores located in the United Kingdom and Australia. Its common stock trades on the Nasdaq with the symbol "TLF". To be included on Tandy Leather Factory's email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0">http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
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This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.