Kmart stock soaring on reports of profit.(Business Today)(Brief Article)
Home Textiles Today, January, 2004 by Hogsett, Don
TROY, MICH. -- Clamping down on inventory levels while eliminating money-losing promotions, Kmart Holdings Corp. said it expects to record a profit in excess of $250 million for November and December, despite a double-digit slide in same-store sales. That could point to the retailer's first profitable quarter since emerging front bankruptcy in May and a strong rebound from a $1.1 billion loss from the prior-year quarter.
Cheered by the unexpectedly positive news, investors ignited a rally in the retailer's stock, sending it soaring by 26.6 percent in value, or $6.12 a share, to $29.12 in frenzied trading on the New York Stock Exchange. The one-day run-up on Monday, Jan. 5 provided a $250 million windfall for Kmart Chairman Edward S. Lampert,...
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