• Earnings climb to US$553,000
  • Q3 sales up 4%
  • Gross profit margin improves

 

Tandy Leather Factory has posted third quarter 2009 earnings up 31%, having improved sales and profit margins.

The company's consolidated net income for the quarter was US$553,000, compared to $421,000 for the third quarter of 2008.

Total sales for the quarter were $12.8m, up 4% from $12.3m in the third quarter last year.

Consolidated sales for the nine months were $39.4m, matching that of the 2008 first nine months. Consolidated net income for the first three quarters was up 21% to $2.0m, Tandy said.

Consolidated gross profit margin for the current quarter was 59.4%, the company said, improving from 58.3% in the third quarter of 2008.

Jon Thompson, chief executive officer and president, said: "The strength in our third quarter retail sales pulled our current year sales up to match that of sales last year at this time. Our goal at the beginning of the year was to match last year's sales so we are on pace as of the end of the quarter. It has been a year-long struggle and unfortunately, I do not expect the fourth quarter to be any different."