Tandy Leather Factory reports 1.1% decline in revenue in Q2 2024.

From GlobeNewswire: 2024-08-07 17:35:00

Tandy Leather Factory, Inc. reported a decline in revenues to $17.3 million in the second quarter of 2024, down 1.1% from the previous year. Operating income was $63,000, with net income at $0.1 million. Gross margins were 58.0%, operating expenses were $10.0 million, and adjusted EBITDA was $0.8 million.

CEO Janet Carr noted a 1% sales decline in Q2, attributed to lower discretionary income among customers. Gross margin rates decreased from the prior year due to accounting adjustments and increased promotional activity. Operating expenses were down, cash reserves increased to $11.5 million, and basic/diluted net income was $0.01 per share.

Investors can inquire further by contacting Tandy Leather Factory’s investor relations hotline at [email protected]. The company’s specialty retail products include leather, tools, buckles, dyes, and kits distributed through 100 North American stores. Tandy Leather Factory’s common stock trades on Nasdaq under the symbol “TLF.”

The news release included forward-looking statements regarding future events, outcomes, and results, subject to risks and uncertainties. Factors such as economic conditions, consumer spending, and material availability may impact actual results. The company does not plan to update or revise these statements beyond legal requirements.



Read more at GlobeNewswire:: Tandy Leather Factory Reports Second Quarter 2024 Results