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The Texas based retailer and wholesaler distributor of a broad product line, which includes leather goods and leatherworking tools, has reported a 5% increase in net income for the quarter ended March 31, 2016.
First quarter 2016 net income for the Nasdaq listed company (TLF) was US$1.5 million, up 5% year-on-year (US$1.4 million in 2015). Total sales for the first quarter were US$20.7 million, down 0.6% compared with the same period in 2015 (US$20.8 million).
Sales from the Retail Leathercraft division, consisting of the Tandy Leather store chain, increased by US$133,000 in the first quarter, up 1% from Q1 2015. Sales for the Wholesale Leathercraft division in the period were down to US$228,000 (-3%) year-on-year.
International Leathercraft, consisting of four stores outside of North America, added sales of US$933,000 for the quarter, -2% from last year's first quarter sales of US$954,000.
Consolidated gross profit margin increased from 60.5% in the first quarter of 2015 to 61.2% in the first quarter of 2016.
“Although we are off to a respectable start in 2016, we recognise the importance of continued focus on solid margins. We have instituted several initiatives that should contribute to supporting and strengthening margins but we suspect it will take several quarters before we begin to see the effects”, said Mark Angus, Interim President, Tandy Leather Factory.
Headquartered in Fort Worth, Texas, Tandy Leather Factory distributes its products through its 27 Leather Factory stores, located in 17 U.S states and three Canadian provinces, 81 Tandy Leather retail stores located in 37 U.S states and six Canadian provinces. The company also has three combination wholesale/retail stores located in the UK, Australia and Spain.