Tandy Leather reports FY22 revenue $80.3M

Janet Carr, Chief Executive Officer of the Company, said, "In 2022 our sales declined 2.8% and gross profits declined 1.1% from a strong 2021, as consumer demand was inhibited by inflation and ongoing economic uncertainty, and moderated over stimulus-driven highs in 2021. Operating expenses increased by $0.4 million, or 0.9%, from 2021, driven by higher wages and some irregular expenses. Although gross profits declined by 1.1%, our gross margins increased by a percentage point to 57.9%, as our pricing strategies and channel mix continued to gain traction with our customers. We ended the year with a solid $8.0 million in cash after the repurchase of $1.8 million of Tandy shares."