LNT sales and profits surge
February 5, 2003-- Home Textiles Today,
Clifton, NJ — A 23 percent increase in fourth quarter sales pumped profits up four times at Linens 'n Things, the company reported this morning.
Net income for the quarter ended Jan. 4 rose to $40.2 million, $0.90 a share, beating consensus estimates by $0.03 per share. That compares to a profit of $8.2 million, $0.20 per share, for the year earlier period, the company stated.
Comp-store sales grew 4 percent during the quarter. LNT reported total sales of $723.3 million, against $587.9 million during the quarter a year ago.
Total sales for the year grew 20 percent, to nearly $2.2 billion, compared with $1.8 billion the previous year. Net income was recorded at $69.2 million, more than doubling from $29.7 million in the prior year.