BY Staff -- Home Textiles Today, 1/23/2008 12:23:00 PM
Clifton, N.J. – Linens ’n Things today 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 retailer is expected to report its full fourth quarter results next month.
LNT 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.
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