Wholesale sales let Tandy Leather down
Texas-based Tandy Leather Factory has posted a decline in sales for May.
Sales for the month fell 6% year-on-year to $4.3 million. Year-to-date sales are down 2% to $22.1 million compared with $22.6 million in the same period last year.
Retail Leathercraft sales rose 5% to $2.1 million compared with May 2008 sales of $2 million. Year-to-date sales for Retail Leathercraft are $10.9 million, up 5% compared with $10.4 million for the same period of 2008.
Wholesale Leathercraft posted sales of $1.9 million for May, down 19% over May 2008 sales of $2.4 million. For the year-to-date, Wholesale Leathercraft sales are $10.3 million compared with $11.7 million in 2008, down 12%.
The UK store, which opened in February 2008 as a combination retail and wholesale store, added sales of $98,000 for the month and $481,000 for the year, compared with $58,000 and $143,000 for the comparable periods in 2008, respectively.
Chief executive officer, Ron Morgan, commented: “May is a continuation of the same story – retail is trending positive; wholesale is trending negative.” He continued: “While our retail business is looking pretty good, our wholesale business continues to significantly impact our top line with its trend of sales declines.”
