LNT has third quarter to forget
October 20, 2005,
CLIFTON, N.J. -- A weaker value perception among customers resulted in a tough quarter at Linens 'n Things, Inc., company executives stated during a third quarter earnings call today.
Said Norman Axelrod, chairman and CEO: "We are clearly disappointed with our third quarter performance. We experienced significant traffic declines throughout the third quarter as the initiatives we had undertaken to emphasize fashion and better price points in our merchandise assortment resulted in a weaker value perception.”
Jack Moore, president and chief operating officer, added that the textiles category has been “very difficult. Some of our fashion forward merchandise did not resonate with all of our guests like we had anticipated.”
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