LNT Sales Flat in 4Q

By Staff -- Home Textiles Today, 1/28/2008 12:00:00 AM

Clifton, N.J. —

Linens 'n Things reported sales rose 0.6% to $962.9 million during the fourth quarter. The opening of four new stores partially offset a 1.0% comp decline, the company reported.

During the holiday season – Friday, Nov. 23 to Dec. 29 – comps grew 0.9%.

"As other retailers have reported in connection with their holiday season results, the company's gross margins in the fourth quarter were pressured by a highly promotional sales environment," said LNT.

The company said it ended the quarter with an asset-based revolver balance of $205.9 million, letters of credit outstanding of $53.0 million, and excess availability under its revolving credit facility of $302.9 million, which was available without restriction.