The company has had a difficult few years, including falling sales and delayed financial reporting, and it has closed international stores.

CEO Janet Carr said: "With the filing of our Form 10-Q for the first quarter, we move one step closer to being fully current in our public financial reporting. We are working to achieve this as soon as possible, although it is likely to happen after the normal filing date for our third quarter Form 10-Q."

Once the company is current in its financial reporting, it intends to apply for relisting on the Nasdaq Stock Market.

Ms Carr added: "Our first quarter results reflect the ongoing progress of our business strategies. We achieved sales growth of nearly 25% over 2020 and more than 20% over 2019. Despite the continued challenges of covid-19 affecting both our workforce and supply chain, we continued to significantly improve our product offering and level of service resulting in strong consumer demand. We also were pleased to deliver a return to profitability, even with about $700,000 in restatement-related expenses in the quarter."

Tandy Leather Factory is a specialty retailer of leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, and saddle and tack hardware. The company distributes its products through its 105 North American stores and one store in Spain.