Kmart posts $368 million 3Q loss.
Home Textiles Today, January, 2003 by Hogsett, Don
TROY, MI -- With same-store sales still trailing off and margins under pressure, bankrupt Kmart recorded a worsening $368 million third quarter loss, compared with last year's deficit of $275 million. After shuttering 283 underperforming stores earlier this year, Kmart sales declined 16.1 percent, to $6.7 billion from $8.0 billion last year.
The crucial gauge of same-store sales fell 7.6 percent. But the same-store sales trend had improved somewhat moving through the third quarter, and during the last 30 days of the period same-store sales had declined at a more modest pace of 3.9 percent. Acting as a further drag on the bottom line, average gross margin thinned by 240 basis points, or 2.4 percentage points, to 17.0 percent from 19.4 percent a year...
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