Linens 'n Things profits up almost 15 percent
February 4, 2004,
CLIFTON, N.J. — Helped by its strongest same-store sales gain in the past two years, as well as lower costs and interest expense, Linens 'n Things pushed fourth-quarter profits up by 14.5 percent, to $46.1 million from $40.2 million last year.
Sales in the Christmas quarter rose by 9 percent, to $788.3 million from $723.3 million a year ago. And helping the bottom line, same-store sales rose by 4.7 percent, its best performance since 2001, said Norman Axelrod, chairman and CEO.
"A key indicator of our performance in the fourth quarter is that sales were generated from both an increase in guest traffic, as well as an increase in average transaction," said Axelrod.