based retailer includes working on the development of strategic and tactical systems to support business needs and growth, and evaluating and improving operational processes and efficiencies. He'll also serve as a member of the company's executive committee.
Linens'n Things Inc. has 293 stores in North America and plans to open 60 more this year. The company projects sales growth this year of 20%, to $1.9 billion. However, the retailer reported a drop in net income for its first quarter, which ended March 31, to $4.7 million, from $5.1 million for the same period last year, and a drop in comparable-store sales of 1.8%. Chairman and CEO Norman Axelrod, to whom Steinhorn will report, said in a statement that the slowing economy and industry consolidation has affected earnings.
At Accenture, Steinhorn worked with retailers and consumer-products companies in the areas of E-commerce, process improvement and re-engineering, planning and design of distribution and logistics software, supply-chain management, and merchandising and financial systems. He joined the company in 1985, when it was known as Andersen Consulting. At Linens'n Things, Steinhorn replaces the retiring Matt Meaney.