Tandy leather reports October sales up 8%
US leather retailer Tandy Leather Factory has reported that sales for the month of October were $5.4 million, up 8% compared to October 2010 sales of $5.1 million. Year to date sales are up 11% to $52.8 million in the current year from $47.8 million last year.
Retail Leathercraft’s sales rose 8% to $3.1 million compared to October 2010 sales of $2.8 million. For the month, the 76 comparable stores’ sales were up 8% compared to the same period last year. The one store opened since October 2010 added October sales of $23,000. Year-to-date sales for Retail Leathercraft are $29.4 million this year, a 16% increase over sales of $25.4 million for the same period of 2010. For the year to date, the 75 comparable stores’ sales were up 15% compared to sales reported for the same period in 2010.
Wholesale Leathercraft posted sales of $2.2 million for October, up 3% compared to October 2010 sales of $2.1 million. Within the Wholesale Leathercraft division, same store sales were equal to that of October 2010 while the National Account group’s sales were up 28% for the month. For the year to date, Wholesale Leathercraft sales are $21.6 million compared to $21.0 million in 2010, up 3%. As of the end of October, year to date same store sales were up 5% compared to the same period last year and the National Account group's sales are equal to that of 2010.
International Leathercraft, now consisting of two stores, reported sales equal to that of October 2010, totalling $187,000. The UK store posted a sales decline of 11% in October, reporting sales of $167,000, compared to $187,000 in October 2010. A new store was opened in Australia in September and reported sales of $20,000 for the month. Year-to-date sales are $1.7 million this year, a 24% increase over sales of $1.4 million for the same period of 2010.
CEO and president, Jon Thompson, said: “We have started the fourth quarter positively, reporting a sales gain of 6%. We are optimistic about the fourth quarter, despite what we are hearing about weak consumer confidence and economic uncertainty. Our new store in Australia is coming along nicely. We expect strong sales as we ramp up our advertising efforts there.”
Shannon L. Greene, CFO, said: “Our UK store reported its first sales decline in October, after more than three years of consecutive year-over-year sales gains. However, the majority of the decline was the result of a single sale last October than did not repeat itself this year. The European economic climate is having some effect as well. Regardless, the store has a 28% sales gain year-to-date, which we consider exceptional.”
