Leather Factory reports 31% rise in Tandy Leather store sales in Q3
The Leather Factory, Texas-based marketer and distributor of leather and related products, has released its financial results for the third quarter of 2004 ended September 30. The company’s consolidated income reached $427,000, compared with $602,000 for the same period last year. Total sales amounted to $10.6 million, marking a 4.6% increase from $10.1 million for the same period of 2003.
These figures brought sales in the first nine months of 2004 to $33.7 million, a rise of 8.3% from $31.1 million for the first nine months of 2003.
The company’s Tandy Leather subsidiary increased sales in the third quarter by 31% over last year. Four stores were added to its retail operations, bringing their total number to 36 this year from 26 in 2003. This resulted in a 46% sales increase to $2.9 million in the first nine months of 2004 over the same period of 2003.
The company’s Leather Factory wholesale division has seen a drop of 4.1% in its sales to $305,000 in the third quarter, due to reduced sales to national account customers. The nine month figures show a drop to $440,000 over the same period of 2003 due to the same factor and were offset by sales to other customer groups.
The Leather Factory has also announced the shift of its $3 million credit facility from Wells Fargo Bank to BankOne. Designed to reduce the interest rates paid by the company the loan will mature in October 2007.
