Retail Leathercraft sales improve 12% over last year
08 Aug '07
4 min read
Tandy Leather Factory Inc reported financial results for the second quarter of 2007. Consolidated net income for the quarter ended June 30, 2007 was $397,000 compared to consolidated net income of $1,132,000 for the second quarter of 2006. Fully diluted earnings per share for the quarter was $0.04, compared to $0.10 in the second quarter of last year. Total sales for the quarter ended June 30, 2007 were $13.4 million, the same as the second quarter last year.
Consolidated sales for the six months ended June 30, 2007 were $27.9 million, virtually the same as the 2006 first half total sales of $27.8 million. Consolidated net income for the first half of 2007 was $1.7 million or $0.16 per fully-diluted share versus $2.5 million or $0.22 per fully-diluted share in the comparable period last year.
Sales in the Retail Leathercraft segment, which consists of the Tandy Leather stores, increased $646,000 in the second quarter, a 12% improvement over last year's second quarter. Sixty-eight stores comprised the Tandy Leather's retail operations on June 30, 2007, compared to sixty-one retail stores a year ago.
Two stores were added in the second quarter of 2007 bringing the total number of new stores added in 2007 to six as of the end of the quarter. For the first six months of 2007, Tandy Leather sales increased $1.3 million, or 13%, over the first six months of 2006.
Second quarter sales for the Wholesale Leathercraft segment, which consists of theLeather Factory wholesale centers and national account group, decreased $395,000 over the same quarter last year, a 5% decline. For the first six months of 2007, Wholesale Leathercraft's sales were down $675,000, or 4%, over the same period in 2006.
marketing@alchempro.com
