Sales down for Tandy, but stores sell more
Specialist leather sector retailer Tandy Leather Factory has reported that sales for the month of May were $4.5 million, down 1% from May 2007. Year-to-date sales are down 4% to $22.6 million in the current year from $23.5 million last year. Tandy's new UK store, which opened in mid-February, reported May sales of $58,000.
However, the company’s retail operations posted an 8% sales increase for May, with
sales totaling $2.0 million compared to $1.9 million in May 2007. The
67 comparable stores posted a 3% same-store sales gain for the month. Five stores opened in or after May 2007 added sales for the month of
$86,000.
The wholesale side of the business was down
8% from May 2007.
Chief executive president, Ron Morgan, commented: “For the retail stores, this is the first back-to-back same store sales gain since July/August of last year so that is good to see. The wholesale stores struggled in May, which is frustrating after performing so well in April. The Canada stores are still outperforming the US stores in terms of sales gains. All nine Canada stores, retail and wholesale, reported sales gains in May. Our UK store is ramping up well as its sales have increased nicely every month since we opened the store. In this tough economic environment, particularly in the US, we’ll take all of the small successes we can get and do what we can to keep the disappointments to a minimum.”
