Kmart Loses Again

Kmart Corp. (Troy, Mich.) cited a $448 million loss for the second quarter, ended July 26. Last year's second quarter loss rang in at $92 million.

Chairman and ceo Chuck Conaway blamed the loss on “soft sales in apparel and other seasonal merchandise that resulted in greater clearance markdowns to promote sales of these goods.” The distribution of grocery merchandise at the growing chain of Super Kmart stores also fell short of expectations, resulting in greater costs than last year.