FORT WORTH, Texas, Aug. 2, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of July were $5.8 million, up 15% compared to July 2011 sales of $5.1 million. Year to date sales are up 10% to $40.8 million in the current year from $36.9 million last year.
Retail Leathercraft's sales rose 19% to $3.4 million compared to July 2011 sales of $2.9 million. All 77 stores are considered comparable stores in July, posting a same store sales increase of 19% over the same period last year. Year-to-date sales for Retail Leathercraft are $23.8 million this year, a 15% increase over sales of $20.5 million for the same period of 2011. As of the end of July, the 76 comparable stores' sales were up 14% compared to sales reported for the same period in 2011.
Wholesale Leathercraft posted sales of $2.1 million for July, up 4% compared to July 2011 sales of $2.0 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 12% for the month while the National Account group's sales were down 45% from July 2011. For the year to date, Wholesale Leathercraft sales are $15.5 million compared to $15.3 million in 2011, up 2%. As of the end of July, the wholesale same store sales were up 5% compared to the same period last year and the National Account group's sales are down 31%.
International Leathercraft reported July sales of $287,000, up 62% compared to July 2011 sales of $177,000. July same store sales, representing the UK store, were equal to that of July 2011, totaling $177,000, while the new Australia and Spain stores, opened in October 2011 and January 2012, respectively, added July sales of $110,000. For the year to date, International Leathercraft sales were $1.8 million compared to $1.2 million in 2011, up 47%. As of the end of July, same store sales were down 3% compared to the sales reported for the same period in 2011.
Chief Executive Officer and President, Jon Thompson, commented, "We have reported double digit sales gains in six of the last twelve months and July was our 37th consecutive month of year-over-year sales gains. We believe having our stores heavily stocked with product has contributed significantly to our strong sales. Our buyers have been very proactive in locating large quantities of product and negotiating competitive prices on that product. We have taken an aggressive position with regard to our inventory investment but believe it is a successful strategy as evidenced by our solid sales growth."
Shannon L. Greene, Chief Financial Officer added, "The UK store rebounded in July after a disappointing June. European web orders are in line with last year so we have to believe the weak June sales had to be unique to circumstance in that month and not a trend. With that said, we will continue to monitor our European web traffic as we move through the rest of the year."
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 three combination wholesale/retail stores located in the United Kingdom, Australia and Spain. 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.