Retailer Linens ‘n Things reported its financial results for the third quarter ended Sept. 29, 2007.The company reported total net sales of US$666.8 million for the quarter, a 1.3% increase over the same quarter in 2006. The increase in net sales resulted from the opening of new stores, partially offset by a comparable store sales decline of 1.4% for the quarter.
The company generated a net loss for the third quarter of 2007 of $79.9 million compared with a net loss of $27.4 million in the third quarter of 2006. During the third quarter of 2007, the company opened five stores and closed zero stores as compared with opening eight stores and closing two stores during the third quarter of 2006. Store square footage increased 3.6% to 19.3 million at Sept. 29, 2007 compared with 18.6 million at Sept. 30, 2006.
Net sales for the 39-week period decreased 1.6% to $1,831.9 million, as compared with net sales of $1,862.6 million for the same period last year.
to Daily News