Tandy Leather Factory Reports Fourth Quarter and Full Year 2024 Results
Tandy Leather Factory (Nasdaq: TLF) reported declining financial results for Q4 and full year 2024. Annual revenue decreased 2.4% to $74.4 million, while net income dropped significantly to $0.8 million from $3.8 million in 2023. Gross margins declined to 56.2% from 59.2%, and operating expenses increased 1.0% to $41.2 million.
Q4 2024 sales were $20.5 million, down from $20.8 million, with quarterly earnings per share of $0.04 compared to $0.23 in the prior year. The company maintained strong liquidity with $13.3 million in cash, up from $12.2 million, and reduced inventory to $35.6 million.
Management announced the recent sale of their corporate headquarters and a $1.50 per share dividend payment. However, they warned that 2025 profitability will be negatively impacted by headquarters relocation costs, with expectations for business recovery in 2026.
Tandy Leather Factory (Nasdaq: TLF) ha riportato risultati finanziari in calo per il quarto trimestre e l'intero anno 2024. I ricavi annuali sono diminuiti del 2,4% a 74,4 milioni di dollari, mentre l'utile netto è sceso significativamente a 0,8 milioni di dollari rispetto ai 3,8 milioni di dollari del 2023. I margini lordi sono diminuiti al 56,2% dal 59,2%, e le spese operative sono aumentate dell'1,0% a 41,2 milioni di dollari.
Le vendite del quarto trimestre 2024 sono state di 20,5 milioni di dollari, in calo rispetto ai 20,8 milioni di dollari, con un utile per azione trimestrale di 0,04 dollari rispetto a 0,23 dollari dell'anno precedente. L'azienda ha mantenuto una solida liquidità con 13,3 milioni di dollari in contante, in aumento rispetto ai 12,2 milioni di dollari, e ha ridotto l'inventario a 35,6 milioni di dollari.
La direzione ha annunciato la recente vendita della propria sede centrale e un pagamento di 1,50 dollari per azione come dividendo. Tuttavia, hanno avvertito che la redditività del 2025 sarà negativamente influenzata dai costi di trasferimento della sede, con aspettative di recupero del business nel 2026.
Tandy Leather Factory (Nasdaq: TLF) reportó resultados financieros en declive para el cuarto trimestre y el año completo 2024. Los ingresos anuales disminuyeron un 2,4% a 74,4 millones de dólares, mientras que el ingreso neto cayó significativamente a 0,8 millones de dólares desde 3,8 millones de dólares en 2023. Los márgenes brutos cayeron al 56,2% desde el 59,2%, y los gastos operativos aumentaron un 1,0% a 41,2 millones de dólares.
Las ventas del cuarto trimestre de 2024 fueron de 20,5 millones de dólares, por debajo de los 20,8 millones de dólares, con ganancias por acción trimestrales de 0,04 dólares en comparación con 0,23 dólares del año anterior. La compañía mantuvo una fuerte liquidez con 13,3 millones de dólares en efectivo, un aumento desde los 12,2 millones de dólares, y redujo el inventario a 35,6 millones de dólares.
La dirección anunció la reciente venta de su sede corporativa y un pago de 1,50 dólares por acción en dividendos. Sin embargo, advirtieron que la rentabilidad de 2025 se verá negativamente afectada por los costos de reubicación de la sede, con expectativas de recuperación del negocio en 2026.
Tandy Leather Factory (Nasdaq: TLF)는 2024년 4분기 및 전체 연도에 대한 재무 결과가 감소했다고 보고했습니다. 연간 수익은 7440만 달러로 2.4% 감소했으며, 순이익은 2023년 380만 달러에서 80만 달러로 크게 떨어졌습니다. 총 마진은 59.2%에서 56.2%로 감소했으며, 운영 비용은 1.0% 증가하여 4120만 달러에 달했습니다.
2024년 4분기 매출은 2050만 달러로 2080만 달러에서 감소했으며, 분기당 주당 수익은 0.04달러로 이전 연도의 0.23달러와 비교되었습니다. 회사는 1330만 달러의 현금을 보유하여 1220만 달러에서 증가했으며, 재고는 3560만 달러로 줄였습니다.
경영진은 최근 본사 매각과 주당 1.50달러 배당금 지급을 발표했습니다. 그러나 2025년 수익성은 본사 이전 비용으로 인해 부정적인 영향을 받을 것이라고 경고했으며, 2026년에는 사업 회복이 기대된다고 밝혔습니다.
Tandy Leather Factory (Nasdaq: TLF) a rapporté des résultats financiers en baisse pour le quatrième trimestre et l'année complète 2024. Le chiffre d'affaires annuel a diminué de 2,4 % pour atteindre 74,4 millions de dollars, tandis que le bénéfice net a chuté de manière significative à 0,8 million de dollars contre 3,8 millions de dollars en 2023. Les marges brutes ont baissé à 56,2 % contre 59,2 %, et les dépenses d'exploitation ont augmenté de 1,0 % pour atteindre 41,2 millions de dollars.
Les ventes du quatrième trimestre 2024 se sont élevées à 20,5 millions de dollars, en baisse par rapport à 20,8 millions de dollars, avec un bénéfice par action trimestriel de 0,04 dollar contre 0,23 dollar l'année précédente. L'entreprise a maintenu une solide liquidité avec 13,3 millions de dollars en espèces, en hausse par rapport à 12,2 millions de dollars, et a réduit son inventaire à 35,6 millions de dollars.
La direction a annoncé la récente vente de son siège social et un paiement de dividende de 1,50 dollar par action. Cependant, ils ont averti que la rentabilité de 2025 sera négativement impactée par les coûts de relocalisation du siège, avec des attentes de reprise des affaires en 2026.
Tandy Leather Factory (Nasdaq: TLF) hat für das vierte Quartal und das gesamte Jahr 2024 rückläufige Finanzergebnisse gemeldet. Der Jahresumsatz sank um 2,4% auf 74,4 Millionen Dollar, während der Nettogewinn erheblich auf 0,8 Millionen Dollar von 3,8 Millionen Dollar im Jahr 2023 fiel. Die Bruttomargen gingen von 59,2% auf 56,2% zurück, und die Betriebskosten stiegen um 1,0% auf 41,2 Millionen Dollar.
Der Umsatz im vierten Quartal 2024 betrug 20,5 Millionen Dollar, ein Rückgang von 20,8 Millionen Dollar, mit einem quartalsweisen Gewinn pro Aktie von 0,04 Dollar im Vergleich zu 0,23 Dollar im Vorjahr. Das Unternehmen hielt eine starke Liquidität mit 13,3 Millionen Dollar in bar, ein Anstieg von 12,2 Millionen Dollar, und reduzierte den Lagerbestand auf 35,6 Millionen Dollar.
Das Management kündigte den kürzlichen Verkauf ihres Hauptsitzes und eine Dividendenzahlung von 1,50 Dollar pro Aktie an. Sie warnten jedoch, dass die Rentabilität im Jahr 2025 negativ von den Kosten für den Umzug des Hauptsitzes betroffen sein wird, mit Erwartungen an eine Geschäftserholung im Jahr 2026.
- Cash position improved to $13.3M from $12.2M
- Inventory reduced by $2.4M to $35.6M
- Substantial dividend of $1.50 per share announced
- Maintained profitability despite challenging conditions
- Revenue declined 2.4% to $74.4M
- Net income dropped 79% to $0.8M
- Gross margins decreased to 56.2% from 59.2%
- Operating expenses increased 1.0% to $41.2M
- 2025 profitability expected to be negatively impacted by relocation costs
Insights
Tandy Leather Factory's FY 2024 results reveal significant profitability challenges despite relatively modest revenue declines. While sales decreased 2.4% to
The company's strategic shift is noteworthy - selling its headquarters building and distributing a
Working capital management shows improvement with inventory reduction of
Most concerning for investors is management's explicit warning that the company likely won't be profitable in 2025 due to headquarters relocation costs and the shift to leased facilities. With recovery potentially delayed until 2026, the company faces significant near-term headwinds in an already challenging retail environment across its 99 North American stores. The dividend may temporarily appease shareholders, but the core business fundamentals have deteriorated substantially.
FORT WORTH, Texas, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq: TLF) today announced the Company’s financial results for the fourth fiscal quarter and full year 2024.
Highlights from 2024:
- Revenues were
$74.4 million , down2.4% from 2023 - Generated operating income of
$0.6 million - Net income of
$0.8 million , down from$3.8 million in 2023 - Gross margins of
56.2% , down from59.2% in 2023 - Operating expenses
$41.2 million , up1.0% from 2023 - Adjusted EBITDA* of
$2.6 million - Ended year with
$13.3 million of cash and cash equivalents
Tandy Leather Factory’s fourth quarter sales were
The Company’s full year sales were
Johan Hedberg, Chief Executive Officer of the Company, said, “In 2024, against a backdrop of weaker retail sales in the U.S., Tandy was able to slow, but not fully stop, the trend of decreasing retail sales. At the same time, inflation in labor and materials drove an increase in our operating expenses. While we were able to remain profitable and increase our year-end cash, we are disappointed with the Company’s results. We were able to return substantial value to our stockholders with the sale of our corporate headquarters building, which closed last month, and the payment this month of a substantial dividend of
“Looking ahead to 2025, we hope to drive improved sales in our stores and e-commerce channel and plan to decrease the number of store moves, which led to short-term sales declines last year. However, we expect that significant costs relating to the move of our headquarters facilities and flagship store in Fort Worth, and shifting from owning to leasing those properties, will negatively impact our ability to be profitable in 2025, and cause some unavoidable disruption to sales. Our goal is to accomplish this transition as smoothly and efficiently as possible to position the Company for a rebound in both sales and profits in 2026,” Mr. Hedberg continued.
Investors are encouraged to send their questions to the Company’s investor relations hotline at investorrelations@tandyleather.com.
* Adjusted EBITDA is a non-GAAP financial measure that the Company believes helps investors to compare its operating performance to that of other companies. The following is a reconciliation of the Company’s net income to Adjusted EBITDA (in millions):
| Year ended December 31, 2024 | |||
| Net income | |||
| Add back: | |||
| Depreciation and amortization | 1.2 | ||
| Interest expense | (0.3) | ||
| Income tax provision | 0.3 | ||
| Stock-based compensation | 0.6 | ||
| Adjusted EBITDA | |||
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer of a broad product line, including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 99 North American stores located in 40 US states and six Canadian provinces, and one store located in Spain. Its common stock trades on the Nasdaq Capital Market under the symbol “TLF”. To be included on Tandy Leather Factory's email distribution list, go to: http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
Contact: Johan Hedberg, Tandy Leather Factory, Inc., (817) 872-3200 or johan.hedberg@tandyleather.com
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
What caused TLF's net income to drop from $3.8M to $0.8M in 2024?
How much dividend did Tandy Leather Factory (TLF) announce in 2025?
What is TLF's financial outlook for 2025?
How did TLF's Q4 2024 performance compare to Q4 2023?
