The following is a summary of the Tandy Leather Factory, Inc. (TLF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Tandy Leather Factory reported a decline of about 5% in sales to $76.2 million due to weak consumer demand.
Despite the decrease in sales, the operating income witnessed an increase from the previous year by $3 million, landing at $4.4 million.
The adjusted EBITDA was $6.5 million, up $2.5 million from last year. Cash increased over $4 million to $12.2 million, and the company has no debt.
Business Progress:
The company continued to optimize its retail fleet with store renewals, relocations, and closures of underperforming outlets.
Two new store leases were signed in Florida and Virginia with the expectations of boosting sales.
A new, smaller store model was tested in New York showing initial success and plans for three to five additional new stores in 2024 are in place.
The potential sale of the underutilized Fort Worth property is under consideration, which could potentially return value to shareholders.
More details: Tandy Leather Factory IR
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