Tandy Leather sales up in November
Specialist leather retail and wholesale group Tandy Leather Factory has reported that its revenue rose 15% in November to $5.9 million from $5.2 million in November of last year. Year to date sales are up 9% to $53.7 million in the current year compared to $49.5 million last year.
Retail sales rose 20% to $3.2 million, compared to November 2009 sales of $2.7 million. The 75 comparable stores’ sales were up 19% for the month compared to the same period last year. The one store opened since November 2009 added November sales of $30,000. Year-to-date sales for the retail operation are $28.7 million this year, a 15% increase on the same period in 2009.
Tandy’s wholesale business posted sales of $2.6 million for November, up 9% from November 2009 sales of $2.3 million. For the year to date, sales on the wholesale side of the business are $23.5 million compared to $22.8 million in 2009, up 3%.
The company’s international sales rose 26% to $160,000 in the current month compared to November 2009 sales of $127,000. Year-to-date sales are $1.5 million this year, a 29% increase over sales of $1.2 million for the same period of 2009. Tandy’s international operation consists of one store located in the UK.
Chief executive, Jon Thompson, commented: "We set a sales record in November – highest sales in one month in our history – and almost hit the $6 million mark.”
Mr Thompson stated that Black Friday, traditionally the first Friday after Thanksgiving Day and the beginning of the Christmas shopping season in the US, aided the increase in sales. “Sales were solid all month, further strengthened by Black Friday and Saturday. We ran a 24% sales gain in those two days, compared to the same two days last year."
Shannon L. Greene, chief financial officer, added: "We had a very strong sales month without sacrificing gross margins, which is important. Our new products have been well-received by our customers which added to the strength in our sales for November. Despite the somewhat cautious spending by consumers, the year has been good for us. We are confident that a month from now, we will set another sales record when we report the highest annual sales in our history."
