LNT has third quarter to forget
By Staff -- Home Textiles Today, 10/20/2005 6:26:00 AM
CLIFTON, N.J. -- A weaker value perception among customers resulted in a tough quarter at Linens 'n Things, Inc., company executives stated during a third quarter earnings call today.
Total net sales at LNT decreased 3.8 percent to $629.3 million for the quarter ended Oct. 1, down from $654.2 million last year. Comps declined 10.2 percent. Net earnings were $1 million or 2 cents per share on a fully diluted basis.
Said Norman Axelrod, chairman and CEO: "We are clearly disappointed with our third quarter performance. We experienced significant traffic declines throughout the third quarter as the initiatives we had undertaken to emphasize fashion and better price points in our merchandise assortment resulted in a weaker value perception.”
Jack Moore, president and chief operating officer, added that the textiles category has been “very difficult. Some of our fashion forward merchandise did not resonate with all of our guests like we had anticipated.”
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