Strong first quarter for The Leather Factory Inc
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The Fort Worth, Texas-headquartered company reported a 25% year-on-year increase in net income to $971,000, and a 15% rise in total sales to $10.6 million.
The company, which opened three new stores during the quarter, said that sales for its Tandy Leather division went up a massive 70% to $1.3 million. Revenues for the Leather factory wholesale centres and Roberts, Cushman’s, meanwhile, increased 3% to $242,000 and 15% to $77,000 respectively.
Wray Thompson, chairman and CEO, commented: “All three operating segments produced positive results in the first quarter. We were on target with our goal of rapid profitability for new Tandy Leather stores, as two of the three new stores that were opened this quarter recorded profits in March. We made some modest progress in improving our operating margins and will continue those efforts with the goal of improving operating leverage as we continue Tandy Leather’s expansion.”
