Tandy Leather reports April sales up 3%
US leather retailer Tandy Leather Factory has reported that sales for the month of April were $5.9 million, up 3% compared to April 2011 sales of $5.8 million. Year to date sales are up 10% to $23.9 million in the current year from $21.7 million last year.
Retail Leathercraft’s sales rose 6% to $3.5 million compared to April 2011 sales of $3.3 million. The 76 comparable stores’ sales were up 5% compared to the same period last year. The one store opened since April 2011 added April sales of $36,000. Year-to-date sales for Retail Leathercraft are $13.7 million this year, a 14% increase over sales of $12.0 million for the same period of 2011. As of the end of April, the 76 comparable stores’ sales were up 13% compared to sales reported for the same period in 2011.
Wholesale Leathercraft posted sales of $2.2 million for April, down 4% compared to April 2011 sales of $2.3 million. Within the Wholesale Leathercraft division, the wholesale same store sales were up 1% for the month while the National Account group’s sales were down 74% from April 2011. For the year to date, Wholesale Leathercraft sales are $9.3 million compared to $9 million in 2011, up 3%. As of the end of April, the wholesale same store sales were up 4% compared to the same period last year and the National Account group’s sales are down 11%.
International Leathercraft reported April sales of $219,000, up 49% compared to April 2011 sales of $147,000. Same store sales, representing the UK store, were up 3%, while the new Australia and Spain stores, opened in October 2011 and January 2012, respectively, added April sales of $67,000. For the year to date, International Leathercraft sales were $954,000 compared to $656,000 in 2011, up 45%. As of the end of April, same store sales were up 3% compared to the sales reported for the same period in 2011.
CEO and president, Jon Thompson, said: “Sales remain solid as we begin the second quarter. Our second annual national open house event was a success. It is a two-day event held in April and we achieved a 4% sales gain over last year’s event. Gross profit margins are stable as we continue to take advantage of buying opportunities when they present themselves.”
Shannon L. Greene, CFO, added: “We are pleased with the development of our international stores as they are increasing their customer bases daily. While the UK and Spain are in technical recessions, there is solid demand for our products within those countries and throughout Europe as evidenced by the sales generated through our stores there. Australia's overall economic growth is slow as well, but as in Europe, we continue to expand the local market for our products.”
