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Banking Tandy Leather Factory reports lower October sales

Tandy Leather Factory reports lower October sales

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Tandy Leather Factory Inc. of Fort Worth has reported October 2015 sales of $6.9 million, down 5 percent compared to $7.2 million in the same month last year.

Year-to-date sales totaled $67 million, up 1 percent compared to sales of $66.4 million in the same period last year.

“We knew the sales comparison this quarter was going to be tough, as we are working against record sales in last year’s fourth quarter,” said president and CEO Jon Thompson in a news release.

“We are also hearing a consistent message from our customers – that they are just not buying this year at the same frequency and levels as last year,” Thompson said.

The company’s Retail Leathercraft division saw sales drop 2 percent to $4.4 million compared to $4.5 million in the same month last year. The 80 comparable stores’ sales were down 4 percent for the month compared to the same period last year. Two stores opened since October 2014, adding $66,000 to the monthly sales tally.

Meanwhile, sales for Wholesale Leathercraft reached $2.2 million for October 2015, down 6 percent compared to $2.3 million in the same month last year. Wholesale same-store sales dropped 5 percent compared to the same month in 2014. Year-to-date, Wholesale Leathercraft sales totaled $21.5 million, down 2 percent from $22 million in the same period last year.

Sales for the company’s International Leathercraft division dropped 25 percent, from $369,000 in October 2014 to $277,000 in the same month this year.

Tandy Leather Factory Inc. sells and distributes leather, leatherworking tools, do-it-yourself-kits and many other products. Its products are distributed through its 28 Leather Factory stores, located in 19 states and three Canadian provinces; 82 Tandy Leather retail stores, located in 36 states and six Canadian provinces; and three combination wholesale-retail stores in the United Kingdom, Australia and Spain.

More information is available at www.tandyleatherfactory.com.

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