Kmart full year loss widens.(Illustration)
Home Textiles Today, March, 2003 by Hogsett, Don
TROY, MI -- Rebuilding its core business, and at the same time shuttering stores and steadily hacking away at costs, Kmart Corp. pared its fourth-quarter losses by 33.3 percent, or $500 million, to $1.1 billion from $1.7 billion last year. After shutting down 283 stores, or 13 percent of its store base earlier in the year, sales in the Christmas quarter fell 18.5 percent, to $8.9 billion from $10.9 billion the preceding year.
Same-store sales declined by 9.8 percent. Still mired in bankruptcy, weighed down by restructuring costs, and with operating costs still far exceeding what it made selling goods, Kmart recorded a $3.2 billion loss for all of last year, wider by 31.4 percent than the year-before deficit of $2.45 billion. Weighing heavily on...
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