Tandy Leather revenue metric up 11 pct. in Feb.

Tandy Leather revenue at traditional retail stores open at least a year up 11 pct. in February

Associated Press

FORT WORTH, Texas (AP) -- Tandy Leather Factory Inc. said Thursday that revenue at its traditional retail stores open at least one year climbed 11 percent in February.

This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.

The Fort Worth, Texas company operates 77 Tandy Leather stores that offer leather and leatherworking tools, buckles and other accessories. It also operates wholesale and factory stores.

Tandy said that since February's end revenue at traditional retail stores open at least a year rose 13 percent from the prior-year period.

Revenue for traditional retail stores climbed 12 percent in February to $3.8 million. Tandy's total monthly revenue increased 8 percent to $6.3 million. Year-to-date revenue at traditional retail stores increased 14 percent to $7.5 million, while Tandy's total revenue climbed 6 percent to $12.6 million.

The relatively small international business posted a 20 percent increase in February sales, to $300,000. Revenue from the three stores in the segment that have been open at least a year also rose 20 percent. Revenue at these same stores climbed 34 percent since the end of February. Year-to-date revenue for the unit rose 34 percent to $663,000.

In the wholesale leathercraft business, February revenue was flat at $2.2 million. Wholesale same-store sales gained 1 percent, but the national account group's sales fell 40 percent. Year-to-date revenue declined 7 percent to $4.4 million. At February's end, wholesale same-store sales increased 4 percent and national account group sales jumped 76 percent.

Tandy Leather Factory has 29 Leather Factory stores and 78 Tandy Leather retail stores in North America and three combination wholesale/retail stores overseas.

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