Tandy Leather Factory reported preliminary financial results for Q2 2021, expecting sales between $18.5 million and $18.8 million, marking a 100% increase from Q2 2020 when retail stores were largely closed due to COVID-19. Despite a decline in web sales compared to 2020, they were up over 50% from 2019. The company had $5.9 million in cash and only $0.4 million in debt. Additionally, Tandy settled with the SEC regarding previous accounting issues, agreeing to a penalty of $200,000.
Tandy Leather Factory announced the filing of its 2019 Annual Report on Form 10-K and Quarterly Reports for the second and third quarters of 2019, which includes a restatement of prior financial filings. The CEO, Janet Carr, expressed satisfaction with completing the financial restatement process, signaling a transformation within the company. Tandy Leather aims to finalize its reports for 2020 and early 2021, intending to relist on Nasdaq once current. The company operates 105 stores across North America and one in Spain, specializing in leather products.
Tandy Leather Factory reported preliminary Q1 2021 sales of approximately $21.3 million, marking a 23.6% year-over-year increase. The company achieved double-digit growth across retail, web, and commercial channels, despite ongoing pandemic impacts. As of March 31, 2021, Tandy held $10.9 million in cash and only $0.4 million in debt. However, the company is currently undergoing a financial accounting restatement, pending completion of which it cannot provide detailed financial metrics. This results in an inability to fully disclose financial performance beyond sales and cash balance.