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.
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