Tandy leather remain positive despite weakening consumer demand
US-based retailer Tandy Leather Factory has reported second quarter sales of $17.5 million in 2023, down from $18.4 million in 2022. First quarter gross profit was €10.9 million, up from €10.5 million in 2022. Revenues were $17.5 million, down 5% from 2022.
Janet Carr, Chief Executive Officer of the Company, said, “In the second quarter we continued to pursue our strategies to increase operating income and cash flow offsetting the ongoing weakening consumer demand. Despite the expected decline in total sales, we were able to generate $0.8 in operating income, versus a quarterly loss in 2022, and a $2 million increase in cash year to date.”
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 103 North American stores and one store in Spain.
