Linens 'N Things 2Q loss widens

CLIFTON, N.J. Linens Holding Co. today reported total net sales of $593.6 million for the second quarter ended June 30, a 2.9% decrease over the same quarter in 2006. This decrease in net sales resulted from a comparable-store sales decline of 7.3% for the quarter, partially offset by the opening of new stores.

The company generated a net loss for the second quarter of 2007 of $42 million compared with a net loss of $39.1 million in the second quarter of 2006.

"Although top line sales comparisons were difficult as expected, given the high levels of clearance in the comparable quarter last year, we did see some encouraging signs during the second quarter," said Robert DiNicola, chairman and ceo. "Comparable-store sales improved sequentially by month through the quarter, and a better performance within our mix contributed to higher gross margins."

Net sales for the 26-week period ended June 30 decreased 3.3% to $1.165 billion, as compared with net sales of $1.204 billion for the same period last year. Comparable-net sales for the twenty-six week period ended June 30 decreased 6.3%.

Net loss for the 26-week period ended June 30 was $100.2 million as compared with a net loss of $104.6 million for the same period last year.