Tandy Leather Factory's third quarter 2024 revenues down 1.1%, with net loss; operating expenses increased

From GlobeNewswire: 2024-11-12 17:20:00

Tandy Leather Factory, Inc. reported third quarter 2024 revenues of $17.4 million, down 1.1% from 2023. Operating loss was $0.3 million, with a net loss of $0.1 million, compared to net income of $0.6 million in 2023. Gross margins were 57.8%, down from 62.4% in 2023, with operating expenses at $10.3 million.

CEO Janet Carr noted a 1% decline in sales, attributing it to reduced consumer spending on discretionary items and decreased foot traffic. Operating expenses rose 2.3% due to inflation, especially in employment costs. Despite increased capital expenditures, the Company ended the quarter with $10.1 million in cash and cash equivalents, up from a year earlier.

Adjusted EBITDA for the quarter was $0.2 million, a non-GAAP measure used to compare operating performance. Tandy Leather Factory, Inc. is a specialty retailer of leather products with 99 North American stores. The Company’s stock trades on Nasdaq under “TLF”. Forward-looking statements in the news release caution about potential risks and uncertainties affecting future outcomes.



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