Tandy Leather reports Q2 EPS 6c vs. (70c) last year

Reports Q2 revenue $17.5M vs. $18.4M last year. Janet Carr, Chief Executive Officer of the Company, said, “In the second quarter we continued to pursue our strategies to increase operating income and cash flow offsetting the ongoing weakening consumer demand. Despite the expected decline in total sales, we were able to generate $0.8 in operating income, versus a quarterly loss in 2022, and a $2 million increase in cash year to date. We have continued to successfully manage operating expenses, notably by putting a microscope on store staffing to maximize efficiency of operating and employee hours. We were also pleased with excellent gross margins in the quarter, although some of those were attributable to non-recurring adjustments made in the quarter. We believe we are well positioned to further leverage these efficiencies for more profitability when sales begin to rebound. We are also very happy to announce the opening in July of our first store in New York City. Located on Decatur Street in up-and-coming Ridgewood, Queens, this flagship will serve as a prototype for a new category of Tandy retail stores offering expanded makers’ spaces and full product assortments,” Ms. Carr added.