Clifton, NJ, October 19, 2005--Linens N Things posted third-quarter earnings that declined profit tumbled 94 percent on weak sales.
Net earnings for the quarter ended Oct. 1 came in at $1 million, or 2 cents per share, compared with $17.2 million, or 38 cents per share, a year earlier. The Clifton-based retailer had updated its outlook Sept. 22, saying it expected break-even results for the quarter.
Sales fell 4 percent to $629.3 million from $654.2 million for the same period last year. Same-store sales, a key measure of retail health, fell 10.2 percent in the quarter.
Analysts surveyed by Thomson Financial, who slashed their outlook from earnings of 29 cents a share after the company's Sept. 22 announcement, expected the company to earn 1 cent per share on sales of $630.66 million.
