LNT In Transition

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.

Axelrod has been ceo of Linens 'n Things since 1988. DiNicola, currently executive chairman of General Nutrition Centers, had previously served as ceo of national jewelry retailer Zales and ceo of the Federated Department Stores division Bon Marche.

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%.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • 1200 Suppliers are Ready for You at Intertextile Shanghai

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT August 2017

See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.

See details!