FORT WORTH, Texas, Dec. 1, 2011 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) reported today that sales for the month of November were $6.4 million, up 7% compared to November 2010 sales of $5.9 million. Year to date sales are up 10% to $59.1 million in the current year from $53.7 million last year.
Retail Leathercraft's sales rose 14% to $3.7 million compared to November 2010 sales of $3.2 million. For the month, the 76 comparable stores' sales were up 13% compared to the same period last year. The one store opened since November 2010 added November sales of $31,000. Year-to-date sales for Retail Leathercraft are $33.1 million this year, a 16% increase over sales of $28.7 million for the same period of 2010. For the year to date, the 75 comparable stores' sales were up 14% compared to sales reported for the same period in 2010.
Wholesale Leathercraft posted sales of $2.4 million for November, down 5% compared to November 2010 sales of $2.5 million. Within the Wholesale Leathercraft division, same store sales were equal to that of November 2010 while the National Account group's sales were down 40% for the month. For the year to date, Wholesale Leathercraft sales are $24.0 million compared to $23.5 million in 2010, up 2%. As of the end of November, year to date same store sales were up 4% compared to the same period last year and the National Account group's sales are down 6% from 2010.
International Leathercraft, now consisting of two stores, reported November sales up 41% compared to November 2010, totaling $227,000. The UK store posted a sales increase of 15% in November, reporting sales of $185,000, compared to $160,000 in November 2010. The Australia store, opened in October, added November sales of $41,000. Year-to-date sales are $1.9 million this year, a 26% increase over sales of $1.5 million for the same period of 2010. The UK store reported a 22% sales gain while the new Australia store added 2011 sales of $61,000.
Chief Executive Officer and President, Jon Thompson, commented, "Our November sales of $6.4 million set a new monthly sales record, beating the previous record set in December last year by approximately $150,000. The fourth quarter sales have been solid so far and we have no reason to expect December to be any different."
Shannon L. Greene, Chief Financial Officer, added, "Our Thanksgiving weekend sales were strong as we achieved a 17% sales gain compared to the same weekend in 2010. We are off to a great start to the Christmas shopping season."
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.