Fort Worth—The success of belts and other leathergoods in general is evident at Tandy Leather Factory Inc. which this week reported $5 million in sales for June, up 11% from June 2009.
While the leathergoods company reported a 2% drop it its wholesale business, its retail doors posted a 23% increase compared to June 2009. Year-to-date sales are up 9% to $28.9 million in the current year compared to $26.6 million last year.
The company, which supplies belts, leathercrafts and related supplies to hobbyists, manufacturers and institutions, expects its retail sales to maintain increases the rest of the year. Jon Thompson, president and ceo, said that while company’s stores both retail and wholesale continue to perform well, “the one negative aspect of our June sales was the decline in our national account group. While we are not satisfied with the decline from this group, we believe the stores, rather than national accounts, represent the greatest potential for continued and consistent growth.”
Retail Leathercraft’s sales rose 23% to $2.8 million compared to June 2009 sales of $2.3 million. The 74 comparable stores’ sales were up 21% for the month compared to the same period last year. Year-to-date sales for Retail Leathercraft are $15.3 million this year, a 16% increase over sales of $13.3 million for the same period of 2009. For the year, the 74 comparable stores’ sales were up 14% compared to sales reported for the same period in 2009.
Same Store Comps Increase 14%
Wholesale Leathercraft posted sales of $2.0 million for June, down 2% from June 2009 sales of $2.1 million. Within the Wholesale Leathercraft division, the wholesale stores’ sales were up 2% for the month while the national account group’s sales were down 28% against June 2009. For the year to date, Wholesale Leathercraft sales are $12.9 million compared to $12.4 million in 2009, up 4%. As of the end of June, the wholesale stores’ sales were up 7% compared to the same period last year while the national account group’s sales are down 10%.
Shannon L. Greene, chief financial officer, added, “We completed the second quarter with great strength, reporting an 8% sales gain for the quarter and sales gains in all three divisions. We are especially pleased with the same store comparables for the quarter of 14% in the retail stores and 4% in the wholesale stores.”
About Tandy Leather Factory:
Tandy Leather Factory is a specialty retailer and wholesale distributor of a broad 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 19 states and 3 Canadian provinces, 76 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, one combination wholesale/retail store located in the United Kingdom, and Mid-Continent Leather Sales, one store located in Oklahoma.