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Linens n Things Forecasts 2Q Loss

Retailer blames lower sales on weak customer traffic as it moved new merchandise into stores.Home accessories retailer Linens `n Things (NYSE: LIN) announced Friday that it is revising its second-quarter 2005 earnings outlook to a loss in the range of $0.11 to $0.15 per share on a fully diluted basis, from the previous outlook of earnings of $0.03 to $0.09 per fully diluted share.
Comparable net sales for the second quarter ending July 2, 2005, are expected to decline in the mid-to-high single-digit range.
“We are disappointed in our second-quarter performance,” said Norman Axelrod, chairman and CEO. “Although we had expected to experience some weakness in traffic during the first half of fiscal 2005, the magnitude and timing of product transitions resulted in a greater impact on guest traffic than we had initially anticipated.”
Axelrod also mentioned in a press release that the company, based in Clifton, was encouraged by the response to the new product introductions to date and was excited about the upcoming launch of the Nate Berkus Collection offered exclusively at Linens `n Things. “Going forward, we will continue to evaluate our marketing program and stay focused on bringing in newer and fresher merchandise assortments that we believe our guests will respond to positively,” he added.
The company reported that despite these quarterly results, inventory was healthy and the balance sheet was strong.
The company will report its second-quarter results on July 20.
At the close of trading, Linens `n Things shares were up $0.10 to $23.65.
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