Tandy expects strong end to the year
05/11/2010
Retail sales rose 11% to $2.8 million compared to October 2009 sales of $2.5 million. The 75 comparable stores’ sales were up 10% for the month compared to the same period last year. The one store opened since October 2009 added October sales of $20,000. Year-to-date sales for the retail operation are $25.4 million this year, a 14% increase on the same period in 2009.
Tandy’s wholesale business posted sales of $2.1 million for October, down 3% from October 2009. For the year to date, sales on the wholesale side of the business are $21 million compared to $20.5 million in 2009, up 2%.
The company’s one store outside North America, which is in Northampton in the UK, registered an increase in sales of 49% for the month, reaching $188,000. Year-to-date sales are $1.4 million this year, a 29% increase over sales of $1.1 million for the same period in 2009.
Chief executive, Jon Thompson, commented: “October sales were not quite as strong as the last several months but we are still off to a good start as we begin the fourth quarter. We brought in a lot of new inventory in the third quarter in anticipation of our new catalogue, which became available on October 1. We are expecting the new items will be strong sellers in this final quarter of the year.”
Chief financial officer, Shannon Greene, added: “The UK store continues to surpass our expectations, reporting a 49% sales gain for October and a 29% sales gain year to date. For the year, 96% of our retail stores are reporting sales gains. That is a pretty good statistic.”
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