Kmart clears the decks.(Brief Article)(Statistical Data Included)
Home Textiles Today, November, 2000 by Hogsett, Don
TROY, MI -- With margins and sales both under pressure as it cleared the decks of excess inventory, Kmart posted a worse-than-expected third-quarter loss of $67 million, compared with a year-ago profit of $27 million. Sales at the giant discounter edged ahead by 3.0 percent, to $8.2 billion from $8.0 billion a year ago, and same-store sales improved by 1.4 percent.
"Our overall performance fell short in the third quarter primarily due to soft sales as our liquidation of inventory cannibalized our regular sales," explained Chuck Conaway, new chairman and ceo. "It is clear, however, that we are building momentum as our total units increased by 2.7 percent, even though the average retail selling price declined by 1.2 percent. The heavy promoting...
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