Tandy Leather May sales up 13%
US leather retailer Tandy Leather Factory has reported that sales for the month of May were $5 million, up 13% compared to May 2010 sales. Year to date sales are up 11% to $26.6 million in the current year from $24 million last year.
Retail Leathercraft’s sales rose 17% to $2.7 million compared to May 2010 sales of $2.3 million. There are no new stores in April so same store sales are also up 17% compared to the same period last year. Year-to-date sales for Retail Leathercraft are $14.7 million this year, a 17% increase over sales of $12.5 million for the same period of 2010. For the year to date, the 75 comparable stores’ sales were up 11% compared to sales reported for the same period in 2010.
Wholesale Leathercraft posted sales of $2.1 million for May, up 7% compared to May 2010 sales. Within the Wholesale Leathercraft division, the wholesale same store sales were up 9% for the month and the National Account group’s sales were up 5% from May 2010. For the year to date, Wholesale Leathercraft sales are $11.1 million compared to $10.8 million in 2010, up 3%. As of the end of May, year to date same store sales in the wholesale stores were up 6% compared to the same period last year and the National Account group’s sales are down 7%.
International Leathercraft’s sales, consisting of one store located in the UK, rose 54% to $178,000 compared to May 2010 sales of $115,000. Year-to-date sales are $834,000 this year, a 34% increase over sales of $622,000 for the same period of 2010.
CEO Jon Thompson, said: “Our positive sales trend continues in May. 95% of our retail stores and 75% of our wholesale stores are running year-to-date sales gains through the end of May and the UK store continues to exceed our internal expectations, reporting a 34% sales gain so far this year.”
Shannon L. Greene, CFO, added: “We have had 23 consecutive months of year over year monthly sales gains. The retail stores have had nine consecutive months of double-digit year over year gains and May makes the seventh month of year over year sales gains at the wholesale stores. The UK store has achieved year over year sales gains every month for more than 36 months. Sales gains like these will certainly help to lessen the pressure on gross margins.”
