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Tandy Leather Factory, Inc. Reports November Sales Down 8% Against November 2007

^{Published on 2008-12-04 11:50:04 - Market Wire}
 

FORT WORTH, Texas--([ BUSINESS WIRE ])--Tandy Leather Factory, Inc. (AMEX: TLF) reported today that sales for the month of November were $4.6 million compared to $4.9 million in November 2007, down 8%. Year to date sales are down 5% to $48.5 million in the current year from $50.8 million last year. Tandy's UK store, which opened in mid-February, reported November sales of $83,000 and $753,000 year-to-date.

Retail Leathercraft posted November sales of $2.2 million, the same as November 2007. The 72 comparable stores posted a 2% same store sales loss for the month. The store opened in or after November 2007 added sales for the month of $30,000. Year-to-date sales for Retail Leathercraft are $22.6 million this year, a 1% increase over year-to-date 2007 sales of $22.4 million. As of the end of November, same store sales were down 3% for the year.

Wholesale Leathercraft posted sales of $2.2 million for November, down 16% from November 2007 sales of $2.6 million. Within the Wholesale Leathercraft division, the wholesale stores' sales were down 13% for the month while the National Account group posted a November sales decline of 40%. For the year to date, Wholesale Leathercraft sales are $24.4 million compared to $27.3 million in 2007, a loss of 11%. The stores and National Accounts posted an 11% and 10% sales decline for the year, respectively.

Chief Executive Officer, Ron Morgan, commented, "While our November sales overall continue their weak trend, we had great success with our Thanksgiving weekend sales, achieving a 15% sales gain compared to Thanksgiving weekend of 2007. More specifically, our retail and wholesale stores posted gains of 12% and 20%, respectively, for those two days. And most importantly, we earned those sales without sacrificing profit margins."

Tandy Leather Factory, Inc., ([ http://www.tandyleatherfactory.com ]), 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, 73 Tandy Leather retail stores, located in 35 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 American Stock Exchange with the symbol "TLF". To be included on Tandy Leather Factory's email distribution list, go to [ http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0 ].

This news release may contain forward-looking statements.All forward-looking statements made here or in other news releases issued by Tandy Leather Factory, Inc. are based on current expectations as of the date of the release.These forward-looking statements involve risks and uncertainties that could cause the results of Tandy Leather Factory, Inc. to differ materially from management's current expectations.Many of these risks and uncertainties are detailed from time to time in TLF's reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q.Investors are reminded that past performance may not be predictive of future results.