The company generated operating income of US$0.8 million in the period, while net income totalled US$0.5 million.

Gross margin came in at 62.5%, while Tandy had an adjusted EBITDA of US$1.3 million and ended the quarter with US$10 million in cash and cash equivalents.

CEO Janet Carr said: “In the second quarter we continued to pursue our strategies to increase operating income and cash flow offsetting the ongoing weakening consumer demand. Despite the expected decline in total sales, we were able to generate US$0.8 million in operating income, versus a quarterly loss in 2022, and a US$2 million increase in cash year to date.

“We have continued to successfully manage operating expenses, notably by putting a microscope on store staffing to maximise efficiency of operating and employee hours. We were also pleased with excellent gross margins in the quarter, although some of those were attributable to non-recurring adjustments made in the quarter. We believe we are well positioned to further leverage these efficiencies for more profitability when sales begin to rebound.”