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Linens 'N Things Reports 4Q, Year End Results
April 01, 2008
Clifton, N.J.-based Linens Holding Co. reported total net sales of $962.9 million, a 0.6 percent increase, for the fourth quarter ending Dec. 29, 2007; while comparable-store sales decreased 1 percent. Net loss was $62 million, compared with $22.5 million for the same time period last year. The company opened four stores for the quarter. For year-end, net sales were $2.79 billion, a 0.9 percent decline, versus $2.81 billion. Comparable-store sales dropped 3.4 percent; and net loss was $242.1 million, compared with $154.4 million last year. "We recognize the challenges that the current macroeconomic environment presents, especially while we are engaged in turning around a complex operation in a highly leveraged situation," said Robert DiNicola, chairman and CEO of Linens Holding Co. The company operates 585 Linens 'N Things stores in 45 states and Canada.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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