Clinton, NJ, April 20--Linens 'n' Things Inc. reported a net loss in the first of $4.1 million, or $0.09 per share, compared with a loss of $1.1 million, or $0.02 per share, a year earlier.
Wall Street analysts on average were expecting a loss of $0.10 per share.
Linens 'n' Things in March had said that sales of its fashion textiles had been particularly weak during the period while it brought in new merchandise. It had forecast a first-quarter loss of between $0.08 and $0.12 per share.
The company said total net sales rose about 3.3 percent to $570.9 million in the first quarter. Comparable net sales for the first quarter of 2005 declined 5.4 percent.
Linens 'n' Things forecast second-quarter earnings per share in a range of $0.03 to $0.09, versus analysts' average forecast of $0.07 and said it was comfortable with the current consensus estimate of $1.61 for full year earnings per share.
Analysts were targeting, on average, 2005 earnings per share of $1.59.
For the second quarter, Linens 'n' Things forecast sales would grow around 3 percent to 7 percent. For the full year, it saw sales growing 6 percent to 9 percent.
The company said it expected to open around 50 new stores in the United States and Canada in 2005. It currently operates 499 stores.
