May Sales Down 1% For Tandy Leather Factory

(financialwire.net via COMTEX) -- TLF | Quote | Chart | News | PowerRating -- June 5, 2008 (FinancialWire) Tandy Leather Factory, Inc. (AMEX: TLF | Quote | Chart | News | PowerRating) (Current Market Cap: US$ 34.36 Mil.) said that its sales for the month of May were $4.5 million, down 1% from May 2007 sales of $4.6 million. The company's year-to-date sales are down 4% to $22.6 million in the current year from $23.5 million last year.

The company's Retail Leathercraft segment 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 that opened in or after May 2007 added sales for the month of $86,000. Year-to-date sales for Retail Leathercraft are $10.4 million this year, up 3% over last year's sales of $10.1 million. As of the end of May, same store sales were down 3% for the year.

Tandy's Wholesale Leathercraft segment posted sales of $2.4 million for May, down 8% from May 2007 sales of $2.6 million. Within the Wholesale Leathercraft division, the wholesale stores' same store sales were down 10% for the month while the firm's National Account group posted a May sales gain of 3%.

For the year to date, Wholesale Leathercraft sales are $11.7 million compared to $12.7 million in 2007, a loss of 8%. The comparable wholesale stores posted a 9% sales decline for the year, while National Accounts reported an 8% sales loss. Mid-Continent's year-to-date sales were $260,000, down 22% from the same period in 2007.

Fort Worth, Texas-based Tandy Leather Factory is a specialty retailer and wholesale distributor of a product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits.

The company distributes its products through its 29 Leather Factory stores, located in nineteen states and three Canadian provinces, 72 Tandy Leather retail stores, located in 34 states and five Canadian provinces, one combination wholesale/retail store located in the United Kingdom, and Mid-Continent Leather Sales, one store located in Oklahoma.

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