Kmart lowers losses post-bankruptcy

Drug Store News, Sept 8, 2003

TROY, Mich. -- Kmart narrowed its second quarter loss to $5 million compared with last year's loss of $293 million. The results mark the company's first complete quarterly results since it emerged from Chapter 11 bankruptcy protection in May.

Sales for the 13 weeks ended July 30 totaled $5.7 billion, a decrease of 21.3 percent from $7.2 billion in the year-ago period. Same-store sales fell 5.4 percent. The company closed 599 stores during fiscal 2002 and the first quarter of 2003 as part of its reorganization.