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Kmart Posts Smaller Losses in 2Q

Sales were down, but retailer sees progress

Published

21 years ago

August 29, 2003

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Kmart Holding Corp. (Troy, Mich.) has announced a net loss of $5 million for its second quarter of fiscal 2003, ending July 30, 2003. A year ago, then then-bankrupt Kmart Corp. had reported a net loss of $293 million for the comparable 13 weeks.

Last year's results include a charge of $27 million in the second quarter of 2002 in connection with store closing liquidation sales.

Net sales for the quarter were down 21.3 percent from a year ago. Same-store sales declined 5.4 percent.

“We are pleased with the progress we continue to make in our business,” said president and ceo Julian Day. “Our liquidity position remains strong.”

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