A lot of the growth can be attributed to the additionof 15 new stores, bringing the total number of TandyLeather stores to 44. In fact, same-store sales atTandy Leather increased 2% during the first quarter2005 compared to the same quarter in 2004, accordingto chairman & CEO Wray Thompson.
On a company-wide basis, total sales increased 4% to$12.7 million from $12.2 million for the first quarter2004. Similarly, net income jumped 8% to $1 million asgross profit margins improved to 56.3% from 55.2% in2004.
The only dark spot for the Leather Factory was itswholesale Leathercraft operation, which consists ofthe Leather Factory wholesale centers and the NationalAccount group. Sales for this operation decreased 6%over the same quarter last year. Thompson attributesthe decline to a drop in national account sales.
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