Tandy Leather reports steady results
US-based retailer Tandy Leather Factory has reported first quarter sales of $20.4 million in 2023 down from $20.5 million in 2022, and down on their 2021 figure of $21.4 million.
The company generated a gross profit of $11.8 million, again slightly down on the $11.9 million the previous year. Increases were seen in the company’s cash and cash equivalents, rising from $8.0 million at year end 2022 to $8.6 million as at March 31, 2023.
Janet Carr, Chief Executive Officer of the Company, said: “We are pleased with our first quarter operating income of $1.0 million despite a slight decline in total sales. Our strategy to manage operating expenses, maintain gross margin and deliver positive cash even in the face of weakening consumer demand is working. With a number of unprofitable stores pruned from the fleet over the last year, we believe we’ve made good progress toward our goal to build the business model that delivers sustainable profit and cash and positions us to grow future sales as the demand environment improves.”
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 101 North American stores and one store in Spain.
