Clifton, NJ, February 3--Linens 'n Things reported fourth quarter earnings that slipped, however results beat estimates on sales that were up 11.1 percent.
The company said earnings in the quarter were off to $45.0 million or $0.99 per share, from $46.1 million, or $1.02 per share, a year earlier.
An accounting change reduced earnings by $2.0 million, or $0.04 per share.
Analysts on were expecting $0.98 per share.
Net sales were up 11.1 percent to $875.7 million.
Same store sales rose 2.7 percent.
Chairman and CEO Norman Axelrod said that the results reflected improved merchandise, with expanded categories and a focus on key items.
The company said it expects 2005 sales to grow by 8 percent to 10 percent, with same-store sales growth in the low single digits. It expects earnings per share for the year of $1.80 to $1.86, excluding the impact of expensing stock options.
