Tandy talks of ‘exciting’ retail growth
09/11/2009
Specialist leather retail and wholesale group Tandy Leather Factory has reported an increase in sales of 9% for the month of October, compared to the same month last year, reaching $4.9 million.
Sales in the retail side of the business were up by 22% for the month, giving an increase for the year of 9%, with total sales of $22.3 million. Wholesale revenues, however, have continued to fall, with October’s total of $2.2 million representing a downturn of 3% on the same month in 2008. Year-to-date, wholesale sales are down by 8% on 2008.
The company’s UK store, its only outlet outwith the US and Canada, achieved October sales of $126,000, up by 14% on last year. This has taken the stores sales to $1.1 million for 2009, 59% more than at this time last year, although the UK store only opened for business (wholesale and retail) in February last year.
Chief executive officer and company president, Jon Thompson, commented: “Our retail and international divisions have started the fourth quarter with significant strength. We haven’t seen 20% same store sales gains at the retail stores since 2006 so it is very exciting to see the stores doing so well. Our wholesale division continues to struggle. However, the sales declines at the wholesale stores are getting smaller so that is somewhat
encouraging.”
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