Linens ‘n Things 2Q Earnings Drop

Clifton, NJ, July 21–Home decor retailer Linens ‘n Things Inc. said its quarterly profit fell, matching its lowered forecast, after it drew fewer-than-expected shoppers in May.

The retailer, which operates about 470 stores, said net income in the second quarter ended July 3 was $879,000, or 2 cents per share, compared with $5.7 million, or 13 cents a share, in the year-ago period.

A week ago, Linens ‘n Things cut its profit outlook to a range of 1 cent to 2 cents per share, down from an earlier view of between 8 cents and 9 cents per share. Analysts adjusted their view to 2 cents per share on average, according to Reuters Estimates.