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Article: Linens 'n Things rocks 'n rolls: company sees profits up almost 15 percent.
- Article from:
- Home Textiles Today
- Article date:
- February 9, 2004
- Author:
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CLIFTON, N.J. -- Helped by its strongest same-store sales gain in the past two years, as well as lower costs and interest expense, Linens 'n Things pushed fourth-quarter profits up by 14.5 percent, to $46.1 million from $40.2 million last year.
Sales in the Christmas quarter rose by 9 percent, to $788.3 million from $723.3 million a year ago. Helping the bottom line, same-store sales rose by 4.7 percent, its best performance since 2001, said Norman Axelrod, chairman and CEO.
Coming in at $1.02 per share on a fully diluted basis, earnings beat Wall Street's forecast by a penny. Cheered by the news, investors pushed the price of Linens 'n Things stock ...