Linens 'n Things Comparable store sales decline

15 May '08

3 min read

Linens Holding Co a leading home furnishings specialty retailer known as “Linens 'n Things,” reported its sales results for the first quarter ended March 29, 2008.

The Company reported total net sales of $566.9 million for the quarter, a 0.8% decrease over the same period in 2007. This decrease in net sales resulted from a comparable store sales decline of 5.7% for the quarter, partially offset by the opening of new stores.

Due to its recent Chapter 11 bankruptcy filing, the Company requires additional time to complete the preparation of its consolidated financial statements for the first quarter of 2008.

The delay is necessary in part because, in connection with the Company's bankruptcy filing, the Company is performing an impairment analysis related to certain of its tangible and intangible assets, which is not yet complete.

As a result, the Company has not finalized its quarterly financial statements on its customary schedule and will not file its Form 10-Q with the Securities and Exchange Commission.

The Company intends to finalize the financial statements and file the report as soon as reasonably practicable. In addition, due to these factors, the Company will not hold a first quarter 2008 investor earnings conference call.

The Company ended the quarter with an asset-based revolver balance of $349.1 million (excluding outstanding letters of credit totaling $61.8 million), cash on hand of $8.3 million and excess availability under its revolving credit facility of $116.1 million.

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