Tandy reports strong sales in October
FORT WORTH, Texas (AP) — Tandy Leather Factory Inc. reported Thursday that revenue from its traditional retail stores increased 18 percent in October as it grew in popularity with consumers.
The company, based in Fort Worth, Texas, operates 77 Tandy Leather stores in North America that sell leather, leatherworking tools, buckles, saddle hardware and other items. Tandy also operates a number of wholesale and factory stores worldwide.
Tandy's revenue companywide increased 11 percent to $6 million. Its total revenue so far this year is up 10 percent to $58 million.
The gains in traditional retail offset a decline in its wholesale business, where total revenue for the month fell 1 percent to $2.1 million. Revenue from its wholesale stores open at least a year, a key measure as it strips away the impact of recently opened or closed stores, increased 8 percent for the month.
Its total revenue from international business increased 44 percent for the month to $269,000. Its revenue from international stores open at least a year increased 25 percent for the month.
Tandy CEO Jon Thompson said that new products were well received by customers and the company is looking forward to a solid fourth quarter.
The company said while recent storms will have an impact on retailers, Tandy only had one store that was damaged and it hopes to re-open it within the next few weeks.