Tandy Leather Factory Inc reported that sales for the month of March were $5.3 million, equal to that of March 2006. Year to date sales are up 1% to $14.5 million in the current year from $14.4 million last year.
Retail Leathercraft posted a 13% sales increase for March, with sales totaling $2.2 million compared to $1.9 million in March 2006. The 54 comparable stores posted a 2% same store sales gain for the month.
The 11 stores opened in or after March 2006 added sales for the month of $237,000. Year-to-date sales for Retail Leathercraft are $6.3 million this year, a 14% increase over sales of $5.5 million for the same period of 2006. As of the end of March, the same store sales gain for the 52 comparable stores is 1% for the year.
Wholesale Leathercraft posted sales of $2.9 million for March, down 4% from March 2006 sales of $3.0 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 8% for the month while the National Account group posted a March sales decline of 1%.
Mid-Continent Leather Sales, a new store acquired on February 1, added sales of $85,000 for the month. For the year to date, Wholesale Leathercraft sales are $7.9 million compared to $8.2 million in 2006, a loss of 3%. The comparable wholesale stores posted a 6% sales decline for the year, while National Accounts reported a 2% sales gain. Mid-Continent's year-to-date sales were $180,000.
Chief Executive Officer and President, Ron Morgan, commented, "We've struggled all quarter with our sales. Even though we've had sales increases, they've been minimal. However, our first quarter of 2006 was a record quarter with sales gains in the 12-15% range. Those kinds of numbers are tough to beat year over year, especially considering our conservative growth strategy."
marketing@alchempro.com
