TANDY NET UP 73.7% IN QUARTER
ARLINGTON, Tex. — Citing expense controls and increased sales, Tandy Brands Accessories reported third-quarter earnings rose 73.7 percent to $745,000, or 14 cents a share, from $429,000, or 8 cents, a year ago.
Sales for the three months ended March 31 jumped 24.7 percent to $23.9 million from $19.2 million.
“The company’s solid third-quarter performance continues this year’s trend of quarterly sales and income increases over our prior year’s performance,” J.S.B. Jenkins, president and chief executive officer, said in a statement. “These strong results were achieved through expense management and increased sales in both the men’s and women’s business units.”
For the nine months, earnings grew 65.8 percent to $3.5 million, or 64 cents a share, from $2.1 million, or 40 cents. Sales gained 16.8 percent to $77.5 million from $66.3 million.
Tandy manufactures leather goods, neckwear and other accessories for men, women and children.