Tandy posts mixed results
American retailer and wholesale distributor of leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, and saddle and tack hardware Tandy Leather Factory, Inc. has reported mixed financial results for the fourth quarter and year ended December 31, as improvements at its retail division were offset by falling sales at its wholesale operations.
Total sales for the fourth quarter fell 1% to $14.6 million from $14.8 million for the fourth quarter of 2006, as a 4% rise in sales in the Retail Leathercraft division, to reach $248,000, was more than wiped out by a $319,000 decline (-4%) at its Wholesale Leathercraft division.
Consolidated sales for the full year were flat at $55.3 million, compared with $55.2 million in 2006 as a 9% rise at Retail Leathercraft’s sales to reach $2.1 million was again offset by a $1.1 million fall in the wholesale division (down by 4% compared with 2006).
Commenting on the results Ron Morgan, chief executive said: "As are many retailers, we are glad to have 2007 behind us and are looking forward to the challenges that will be part of 2008.”
Despite lower retail sales in the USA, the company is continuing its strategy of expansion in the UK with the opening of a new store in Northampton. The store, which opened this week, will operate under the Tandy Leather Factory name and will serve both wholesale customers as well as the general public.
