Linens 'n Things, Inc. (Clifton, NJ, U.S.), a U.S. retailer of home textiles, housewares, and home accessories, has announced total net sales increased approx. 15 percent to U.S. $552.8 million for the first quarter ended April 3, 2004. This is up from $480.5 million for the same period last year.
Comparable store net sales for the first quarter of 2004 increased 4.7 percent. Net income for the first quarter ended April 3, 2004 was approx. $30,000 or $0.00 per share on a fully diluted basis. Results for the first quarter ended April 3, 2004 include the impact of the provisions of EITF 02-16
"Overall, we are encouraged by our current performance and by the increased traffic coming into our stores, which we believe stem from the steady progress we are making on our initiatives," Norman Axelrod, chairman and CEO, commented in a written statement.
During the first quarter, the company opened twenty-one new stores, increasing its total square footage to 15.8 million as compared with opening 16 stores during the same period last year. The company currently expects to open approximately 45 to 50 new stores in the United States and Canada in 2004, further expanding its presence as a leading retailer of home furnishings.
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