Tandy Leather Factory, Inc. ( (TLF) ) has released its Q3 earnings. Here is a breakdown of the information Tandy Leather Factory, Inc. presented to its investors.
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Tandy Leather Factory, Inc., based in Fort Worth, Texas, is a specialty retailer that offers a diverse range of leather and leatherworking products through its North American stores and one location in Spain. The company’s stock trades on the Nasdaq under the symbol ‘TLF’.
In the third quarter of 2024, Tandy Leather Factory reported revenues of $17.4 million, a slight decrease from the previous year. The company experienced an operating loss of $0.3 million and a net loss of $0.1 million, compared to a net income of $0.6 million in the same period last year. Gross margins also declined to 57.8% from 62.4% in 2023.
The company’s operating expenses increased by 2.3%, largely due to inflationary pressures, particularly in employment costs. Despite these challenges, Tandy Leather Factory ended the quarter with $10.1 million in cash and cash equivalents, an improvement from the previous year’s $8.6 million. The company’s adjusted EBITDA stood at $0.2 million for the quarter.
Looking ahead, Tandy Leather Factory remains focused on maintaining strong cash reserves while navigating the challenges of decreased consumer spending and increased operational costs. The company continues to invest in necessary upgrades and relocations to enhance its retail footprint and operational efficiency.