The company generated operating income of US$700,000 in the period, with an adjusted EBITDA of US$1.1 million.

Tandy reported gross profit of US$10.9 million (down 7.6%) and net income of US$500,000, which was down 28.6% year-on-year, with a gross margin of 56.7%.

CEO Janet Carr said: “Our first quarter sales declined by about 5%, reflecting both a sense of malaise in the broader consumer environment and a difficult comparison against a strong first quarter in 2023. Gross margin rate also declined, as we increased promotional activity in March to offset slower sales in January and February.

“Operating expense discipline helped us deliver positive operating income despite challenges in both sales and gross margin. And despite over US$1 million in capital investments in stores and our Fort Worth facility this year, compared to less than US$100 thousand last year, we also grew cash.

“Going forward, we will continue the progress we made in the first quarter to improve overall quality and performance in our retail stores including filling some key retail roles and pursuing strategic store relocations, among other initiatives.”