Tandy Leather 1Q net income rises slightly
Tandy Leather 1st-qtr net income edges up less than 1 pct as costs offset sales jump
FORTH WORTH, Texas (AP) -- Tandy Leather Factory Inc. said Monday its first-quarter net income edged up less than 1 percent, as higher advertising and marketing expenses largely offset a jump in sales.
The Fort Worth, Texas-based leather company earned $1.6 million, or 16 cents per share, up from $1.6 million, or 15 cents per share, in the same quarter of 2012.
Revenue rose 6 percent to $19.2 million from $18.2 million.
Sales at the company's retail division, which includes its chain of 78 Tandy Leather stores, rose 12 percent to $11.6 million, while sales at its wholesale division fell 6 percent to $6.7 million.
Operating expenses increased 6 percent to $9.3 million, largely as a result of higher advertising and marketing expenses, the company said.
