Q1 earnings up 37% at Tandy Leather
Tandy Leather Factory has posted improved financial results for the first quarter of 2012.
Net income for the quarter ended March 31 was $1.6 million, up 37% from $1.2 million during the first quarter of 2011.
Total sales for the first quarter were $18.2 million, an increase of 14.5% compared with 2011's first-quarter sales of $15.9 million.
Sales from the Retail Leathercraft division increased by $1.6 million, up 19% compared with the same period last year. First-quarter sales for the Wholesale Leathercraft division rose by $432,000, or 6%. International Leathercraft added sales of $742,000 for the quarter (+46%) compared with last year's first-quarter sales of $509,000.
Jon Thompson, chief executive officer and president, said that the company is generally pleased with the results and that it is keeping a close eye on its new operations in Spain and Australia.
"We are not expecting the Spain store to be profitable this year,” he said, “although that could change as the year progresses depending on how quickly the Spain customer base grows.
"The Australia store is coming along nicely and should be close to break even or slightly profitable by the end of the year."
