Linens 'n Things 26th week net sales up 1.1% to $1,144.3mn
21 Jul '05
3 min read
Home textiles retailers Linens 'n Things Inc announced the total net sales decreased approximately 0.9 percent to $573.3 million for the second quarter ended July 2, 2005, down from $578.7 million for the same period last year.
Comparable net sales for the second quarter of 2005 declined 6.8 percent. Net loss for the second quarter ended July 2, 2005 was approximately $5.9 million or $0.13 per share on a fully diluted basis.
"On June 10th, they updated their second quarter guidance and they reported results in line with that guidance," commented Norman Axelrod, Chairman and Chief Executive Officer. "Traffic remained weak throughout the second quarter, impacted by the magnitude and timing of the unusually high amount of product transitions they were undergoing."
"Looking to the rest of the year, their Back-to-School assortments are well positioned and they are also excited about the upcoming launch of the Nate Berkus Collection offered exclusively at Linens 'n Things, which presents us with an opportunity to generate excitement in their stores around an important new updated brand for their company."
Net sales increased 1.1 percent to $1,144.3 million for the twenty-six week period ended July 2, 2005, up from $1,131.5 million for the same period last year. Comparable net sales for the twenty-six week period ended July 2, 2005 decreased approximately 6.1 percent.
Net loss for the twenty-six week period ended July 2, 2005 was approximately $10.0 million or $0.22 per share on a fully diluted basis. For the same period last year, the Company had a net loss of $1.0 million or $0.02 per fully diluted share.
marketing@alchempro.com
