Sales and income rise at Tandy
Tandy Leather Factory has posted improved financial results for the second quarter of 2010. Net income for the quarter ended June 30 was $1.1 million compared with $761,000 during the second quarter of 2009, an increase of 39%. Sales for the quarter totalled $14.3 million, up 10% from the $13 million reported during the prior-year quarter.
Sales for the six months ended June 30 were $28.9 million, up 10% from 2009 first-half sales of $26.2 million. Net income rose 38% to $2 million compared with $1.5 million.
Sales in the Retail Leathercraft segment increased $1.1 million in the second quarter, a 16% improvement over last year's second quarter. As of June 30, the company operated 76 stores compared with 75 a year ago. The division sales increased $2.1 million, or 16%, over the first six months of 2009.
Second-quarter sales for the Wholesale Leathercraft segment were up 2%, or $136,000, compared with the same quarter last year. For the first six months, its sales grew $437,000, or 4%.
International Leathercraft, comprising one combination wholesale and retail store in the UK reported a sales increase of 29%, or $88,000, compared with the second quarter of 2009. For the year, International Leathercraft's sales were up 30%, or $179,000, over the same period last year.
Jon Thompson, chief executive officer and president, said: "The second quarter was another solid one, with higher sales and earnings compared to last year's second quarter. Gross profit margins continue to improve and all divisions reported sales gains and strong profits. Our inventory is up some as we are stocking our stores with slightly more product in order to keep our sales momentum moving forward through the last half of the year."
