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Retail Leathercraft’s sales rose 16% to $2.2 million compared to September 2008 sales of $1.9 million. The 72 comparable stores’ sales were up 14% for the month compared to the same period last year. The 3 stores opened since September 2008 added September sales of $60,000. Year-to-date sales for Retail Leathercraft are $19.7 million this year, an 8% increase over sales of $18.3 million for the same period of 2008. For the year to date, the 72 comparable stores’ sales were up 5% compared to sales reported for the same period in 2008.
Wholesale Leathercraft posted sales of $2.0 million for September, up 2% from September 2008 sales of $1.9 million. Within the Wholesale Leathercraft division, the wholesale centers’ sales were down 1% for the month while the National Account group’s sales were up 31% against September 2008. For the year to date, Wholesale Leathercraft sales are $18.3 million compared to $19.9 million in 2008, down 8%.
The UK store reported September sales of $122,000, a 5% increase over sales of $116,000 in September 2008. For the year to date, 2009 sales at the UK store totaled $943,000, a 68% increase over 2008 sales of $560,000. The UK store opened in February 2008 as a combination retail and wholesale store.
Chief Executive Officer and President, Jon Thompson, commented, “Our Retail Leathercraft division continues to show strength with solid September sales gains – both in total and in same stores. I like the overall momentum we have going into the fourth quarter. However, I also expect the Christmas shopping season to be somewhat weak. Only time will tell if consumers avoid spending as much as the experts predict.”
Shannon L. Greene, Chief Financial Officer added, “We finished the third quarter strong. Retail reported a 12% sales gain for the quarter, with a same store sales gain of 10%. Wholesale’s third quarter sales were down 2% with the stores reporting a sales decline of 4% but National Accounts reporting a gain of 16%. Despite a slight seasonal increase in inventory to begin the fourth quarter, we continue to maintain our solid cash position. That will be important as credit continues to tighten according to a statement made by a major debt rating agency earlier this week. Given our current cash position, we do not have the need now or in the foreseeable future for external financing.”
Tandy Leather Factory, Inc., headquartered in Fort Worth, Texas, 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, 75 Tandy Leather retail stores, located in 36 states and 5 Canadian provinces, one combination wholesale/retail store located in the United Kingdom, and Mid-Continent Leather Sales, one store located in Oklahoma. Its common stock trades on the NYSE Amex with the symbol "TLF".