2003 a strong year for The Leather Factory, Inc
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The Texas-based company reported that net sales rose 5% to $41.7 million while net income was $2.7 million, compared with a net loss of $1.4 million in 2002. Basic earnings per share were $0.27
During the year, sales in the Tandy Leather division rose 24.8% to $9.2 million while revenues for The Leather Factory warehouse distribution centre went up 1.2% to $30.7 million.
Wray Thompson, chairman and CEO, commented: “We are pleased with the continued sales growth, particularly in the Tandy Leather retail operation. In 2004, we plan to continue to create shareholder value by focusing on three goals - increasing sales and earnings from existing locations, opening 10-15 new Tandy Leather stores and improving our operating margins.”
