LNT In Transition
By Staff -- Home Textiles Today, 2/6/2006 12:00:00 AM
Clifton, N.J. — —
Clifton, N.J. — Linens 'n Things had a busy week, releasing preliminary fourth-quarter and full-year sales and operating profit figures; announcing that shareholders approved the Apollo Management buyout offer; and naming Robert DiNicola the incoming chairman and ceo, while declaring that current chairman and ceo Norman Axelrod will leave the company upon the imminent consummation of the acquisition.
Axelrod has been ceo of Linens 'n Things since 1988. DiNicola, currently executive chairman of General Nutrition Centers, had previously served as ceo of national jewelry retailer Zales and ceo of the Federated Department Stores division Bon Marche.
The 542-store retailer, in its preliminary report, said sales for the quarter ending Dec. 31, 2005 were $921.2 million, up 5.2% from the prior year; operating profit would be up slightly to $73 to $75 million; comp store sales were down 2.0%.
Projected full year sales rose 1.2% to $2.7 billion, with operating profit of $61.3 to $63.3 million. Comp store sales for the year: down about 5.9%.
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