LNT In Transition
February 6, 2006,
Clifton, N.J. — Linens 'n Things had a busy week, releasing preliminary fourth-quarter and full-year sales and operating profit figures; announcing that shareholders approved the Apollo Management buyout offer; and naming Robert DiNicola the incoming chairman and ceo, while declaring that current chairman and ceo Norman Axelrod will leave the company upon the imminent consummation of the acquisition.
The 542-store retailer, in its preliminary report, said sales for the quarter ending Dec. 31, 2005 were $921.2 million, up 5.2% from the prior year; operating profit would be up slightly to $73 to $75 million; comp store sales were down 2.0%.
Projected full year sales rose 1.2% to $2.7 billion, with operating profit of $61.3 to $63.3 million. Comp store sales for the year: down about 5.9%.