Home textiles retailer Linens 'n Things Q3 sales decline

19 Oct '05

3 min read

Brand name home furnishings merchandiser Linens 'n Things Inc announced the total net sales decreased approximately 3.8 percent to $629.3 million for the third quarter ended October 1, 2005, down from $654.2 million for the same period last year. Comparable net sales for the third quarter of 2005 declined approximately 10.2 percent. Net earnings for the third quarter ended October 1, 2005 were approximately $1.0 million or $0.02 per share on a fully diluted basis.

Norman Axelrod, Chairman and Chief Executive Officer commented that on September 22nd, they updated their outlook for the third quarter and today they reported results in line with that update. They experienced significant traffic declines throughout the third quarter as the initiatives they had undertaken to emphasize fashion and better price points in their merchandise assortment resulted in a weaker value perception to their guests.

Looking to the rest of the year, they have taken what they believe are the appropriate steps to ensure that their value message is clear and consistent in their stores and in their marketing. The launch of the Nate Berkus Collection offered exclusively at Linens 'n Things has been well-received and they are excited about the fresh appeal this brand has and the potential it brings to drive traffic to their stores.

Net sales for the thirty-nine week period ended October 1, 2005 decreased 0.7 percent to $1,773.5 million, down from $1,785.7 million for the same period last year. Comparable net sales for the thirty-nine week period ended October 1, 2005 decreased approximately 7.7 percent.

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